What is the percentage of income received by the lower three quintiles on line K?
30
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From one year to the next, a country's output rose from 4000 to 4500, its capital stock rose from 10,000 to 12,000, and its labor force declined from 2000 to 1750. Suppose aK = 0.3 and aN= 0.7
(a) How much did capital contribute to economic growth over the year? (b) How much did labor contribute to economic growth over the year? (c) How much did productivity contribute to economic growth over the year?
Whenever a decrease in output leads to an increase in profit, the
a. marginal revenue curve lies above the marginal cost curve b. total cost curve intersects the total revenue curve c. marginal cost curve is parallel to the marginal revenue curve d. marginal cost curve lies above the marginal revenue curve e. total cost curve lies above the total revenue curve
Which of the following is not an example of a durable good?
a. a refrigerator. b. an automobile. c. a business suit. d. a furnace.
Behavioral economists suggest that brand-loyalty, which can be a source of monopoly power for the producer, may be explained by consumers' tendency to have the:
A. Anchoring effect B. Mental accounting effect C. Status quo bias D. Confirmation bias