How much is the percentage of income received by the middle three quintiles on line S?
60
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The mean household income is
A) the income that separates households into two equal groups. B) the most common household income. C) the percentage of total income received by the richest 20 percent of households. D) the average household income.
Organize the steps an economist would follow in the model-building process into their proper order. - Develop a model based on simplifying assumptions - Collect data - Identify the problem - Formulate a conclusion
A. 1. Develop a model based on simplifying assumptions. 2. Collect data. 3. Identify the problem. 4. Formulate a conclusion B. 1. Collect data. 2. Develop a model based on simplifying assumptions. 3. Identify the problem. 4. Formulate a conclusion. C. 1. Identify the problem. 2. Develop a model based on simplifying assumptions. 3. Collect data. 4. Formulate a conclusion D. 1. Formulate a conclusion. 2. Collect data. 3. Identify the problem. 4. Develop a model based on simplifying assumptions.
When a good has a unitary price elasticity, consumer expenditures for the good
A) change in the same direction as a price change. B) change in the opposite direction to a price change, but not necessarily by the same percentage as the price change. C) do not change when the price of the good decreases. D) change in the opposite direction and by the same percentage as any price change.
The ceteris paribus assumption is used in economic analyses in order to: a. cover special cases
b. include all relevant factors. c. add realism. d. keep the relationship between the two variables isolated from other events.