In the United States, the richest 20 percent of households receive about ________ percent of total income
A) 4
B) 15
C) 23
D) 50
E) 33
D
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Which one of the following would shift your consumption function in an upward direction?
A) an increase in your wealth B) a decrease in your wealth C) an increase in your real disposable income D) a decrease in your real disposable income
When economists say a good is scarce, they mean
a. there are only a limited number of consumers who would be interested in purchasing the good. b. the human desire for the good exceeds the amount freely available from nature. c. most people in poorer countries do not have enough of the good. d. the production of the good has no opportunity cost for society.
A market that experiences both strikes and lockouts at different times is most likely characterized by
A. Monopsony. B. Monopoly. C. Bilateral monopoly. D. Monopolistic competition.
The unemployment rate for younger workers is usually ________ the unemployment rate for older workers.
A. more predictable than B. higher than C. lower than D. approximately equal to