What have been the trends in income inequality since 1975?
What will be an ideal response?
Since 1975 the share of income received by the top one-fifth of households rose from 43.2% to 48.9%. The share going to the bottom one-fifth fell from 4.4% to 3.8%. Also, the percentages going to the second, third, and fourth 20 percent of households also fell from 1975 to 2011.
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Explain why the equilibrium price is called the market clearing price
What will be an ideal response?
What would the profits be for Mattie's Dairy if Irene does not enter the market?
a. 5million b. 10million c. 15million d. Zero
The concept of economies of scale becomes especially _____________ to international trade when it enables one or two large producers to supply the entire country.
a. problematic b. unrelated c. relevant d. unproductive
What is the Nash equilibrium of this game?
a. Both of them clean the apartment b. John cleans, Joe doesn't c. Joe cleans, John doesn't d. Neither of them clean the apartment