Assume there is a reduction in the shipments of petroleum products due to political tension in the Persian Gulf. In a market economy, which consumers would get the reduced supplies of gas?
A) The consumers who value gasoline the most and are able to pay for it.
B) Wealthy consumers.
C) Lower income consumers.
D) Who gets the gasoline would be a random process. Those who arrive at the service station first will get the gasoline, regardless what its price is.
A
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In calculating the unemployment rate, part-time workers over the age of 16 are counted as
A) not in the labor force. B) employed if they are part-time workers for noneconomic reasons and unemployed if they are involuntary part-time workers. C) not in the working-age population. D) unemployed. E) employed.
According to the search model, we should expect greater price dispersion for a given good
a. if the good is a luxury b. if the good is inferior c. if there is much common knowledge about the good d. during a recession e. if a computerized search service is offered
The public debt as a percent of GDP is lower in the United States than in many other industrial nations.
Answer the following statement true (T) or false (F)
If the U.S. population were split into quintiles based on income, with the lowest quintile representing the poorest 20 percent, then those who earned the median income for the United States would be in the:
A. fourth quintile. B. fifth quintile. C. third quintile. D. second quintile.