According to the text, the highest 20 percent of U.S. income households earn about what percentage of total income today?
A) 10 percent
B) 20 percent
C) 50 percent
D) 99 percent
C
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International trade
a. reduces world output of goods and services b. lowers economic efficiency c. allows countries to specialize in producing particular products d. creates opportunity cost differentials in production e. shifts each economy's production possibilities frontier inward
The accompanying figure shows the annual demand for haircuts for one person in the town of Beaumont. There are a total of 300 residents in Beaumont, each with this same demand curve. 
If the residents of Beaumont purchase a total of 1,800 haircuts each year, then the market price for a haircut must be:
A. $20. B. $30. C. $35. D. $40.
In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:
A. monopoly. B. cartel. C. a monopolistically competitive industry. D. price-leadership industry.
Refer to the above table. You are given information on Collin's consumption for 2010 and 2020. Using 2010 as the base year compute the price index for 2020. The index equals
A. 0.75. B. 87.50. C. 73.007. D. 136.842.