As of 2013, to be in the top quintile for income distribution in the United States, a household needed in income at least
A. $140,000.
B. $85,000.
C. $52,000.
D. $117,000.
Answer: D
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Refer to Figure 2-13. What is the opportunity cost of producing 1 ton of pineapples in Guatemala?
A) 1/2 of a ton of coconuts B) 1 1/3 tons of coconuts C) 2 tons of coconuts D) 180 tons of coconuts
The rational expectations hypothesis implies that when macroeconomic policy changes
A) the economy will become highly unstable. B) the way expectations are formed will change. C) people will be slow to catch on to the change. D) people will make systematic mistakes.
If the graph shown represents Donna's budget constraint, and the price of earrings were to decrease, the slope of Donna's budget constraint would become:
A. steeper, reflecting the fact that hairbands are now relatively less expensive.
B. flatter, reflecting the fact that hairbands are now relatively more expensive.
C. steeper, reflecting the fact that earrings are now relatively less expensive.
D. flatter, reflecting the fact that earrings are now relatively more expensive.
Which of the following would be an example of a public good?
A. A candy bar. B. A painting by Monet. C. A taxi cab. D. A sunset.