In discussing the distribution of income among families, the term “lowest fifth” indicates

a. the poorest five percent of families.
b. the poorest twenty percent of families.
c. the smallest twenty percent of families.
d. the percentage of families receiving one-fifth of the income.


b. the poorest twenty percent of families.

Economics

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Answer the following statement true (T) or false (F)

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In An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?

What will be an ideal response?

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Define labor productivity. Discuss the relationship between labor productivity, human capital growth, and technology change

What will be an ideal response?

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Countries should specialize and import goods in which they have a comparative disadvantage

a. True b. False Indicate whether the statement is true or false

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