Between 1968 and 2008 the percentage share of income that went to the top quintile
A. fell substantially.
B. fell somewhat.
C. stayed about the same.
D. rose substantially.
D. rose substantially.
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Which of the following is not an example of price discrimination?
A) Unlike foreign tourists, citizens of Cambodia are exempted from paying an admission fee to the temples of Angkor. B) Senior citizens may purchase special fare tickets for public transportation that are not available to others. C) Adobe Systems offers software at discounted prices to students and faculty at K-12 and university levels. D) Buyers at an automotive parts store receive a discount for bulk buying because the store is able to pass on to its customers some of the lower average cost for producing large quantities.
The magnification of small changes in spending into larger changes in output and income is produced by:
A. the average propensity to consume. B. saving. C. the multiplier effect. D. the average propensity to save.
Given the scenario described, if the market price of hammers increased from $9 to $12, total producer surplus would increase by:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. $1. B. $3. C. $5. D. $7.
Long-run expansion in an increasing-cost industry increases each firm's marginal and average costs by
a. saving money on per-unit production costs b. bidding up the price of resources c. holding the price of resources constant d. forcing down the price of resources e. bidding up each firm's marginal revenue