In 2012, what percentage of total income in the U.S. was earned by the richest fifth of all U.S. households?
a. 20%
b. 30%
c. 40%
d. 50%
d
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If the price elasticity of demand for radios is 2.5 (dropping the minus sign), then a 50 percent reduction in the price of radios will lead to
a. the sale of 200 additional radios. b. the sale of 125 percent more radios than before. c. the sale of 150 percent more radios than before. d. the sale of 25 percent more radios than before.
Expectations that bond prices will be rising in the near future are likely to decrease the demand for money.
a. true b. false
The slope of the budget line is the amount of one commodity that a consumer must give up in order to obtain an additional unit of the other commodity
a. True b. False Indicate whether the statement is true or false
If Billy's reservation price on a snowboard is $250, how many snowboards would he buy if the market price of snowboards is $500?
A. 0 B. 1 C. 2 D. The amount of snowboards purchased would depend on Billy's income.