How has the distribution of money income changed over time?
What will be an ideal response?
The distribution of money income has remained fairly stable for a long time. Between 1947 and 1980, the share of income going to the top 20 percent declined, while the share going to the bottom 20 percent increased. However, since 1980, the share of income going to the top 20 percent has increased, while the share going to the bottom 20 percent has declined.
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The figure above shows Kaley's marginal benefit from swimming with manatees and Scott's marginal cost of providing manatee swimming tours. At 1 manatee swim per week, Kaley's marginal benefit is ________ and Scott's marginal cost is ________
A) $40; $10 B) $40; $40 C) $90; $50 D) None of the above answers is correct.
If the price of a good doubles and quantity supplied triples, then
a. demand is elastic b. demand is inelastic c. supply is inelastic d. supply is elastic e. there is insufficient information to reach any conclusion about the price elasticity of supply
An example of a renewable resource would be:
A. trees. B. oxygen. C. fish in the ocean. D. All of these are examples of renewable resources.
Perfectly competitive producers do not need to consider how their output levels affect price
Indicate whether the statement is true or false