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.
Answer: C
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Entrepreneurship is
A. the financial capital necessary to launch a new business. B. the talent to develop new products and processes and to organize production to make goods and services available. C. unskilled labor. D. the capital resources used to produce goods and services.
Assume the M2 multiplier is 3 and the reserve ratio is 10%. If the central bank buys $100 million of government securities from banks, the banking system's reserves will:
a. Rise by $10 million. b. Rise by $100 million. c. Fall by $100 million. d. Fall by $10 million. e. Not change.
Exhibit 5-9 Supply and Demand Curves for Good X
?
As shown in Exhibit 5-9, the $200 per unit tax on Good X raises tax revenue per time period totaling:
A. $10,000. B. $20,000. C. $30,000. D. $60,000.
If you advertise and your rival advertises, you each will earn $3 million in profits. If neither of you advertises, you will each earn $7 million in profits. However, if one of you advertises and the other does not, the firm that advertises will earn $10 million and the non-advertising firm will earn $1 million. If you and your rival plan to be in business for only one year, the Nash equilibrium is for your firm:
A. and your rival not to advertise. B. and your rival to advertise. C. not to advertise and your rival to advertise. D. to advertise and your rival not to advertise.