The most important reason for why some people have higher incomes than others is
A. employment discrimination.
B. differences in wages and salaries.
C. property income.
D. government transfer payments.
B. differences in wages and salaries.
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Plot the demand for caviar given the following information on quantity consumed and total utility; then explain why caviar sells for such a high price. Quantity (in ounces) Total Utility (in dollars) 1 50 2753 884 95 599?
What will be an ideal response?
The more bowed out the Lorenz curve, the
A) less equal the income distribution. B) more equal the income distribution. C) greater the overall wealth in the economy. D) less the overall wealth in the economy.
The present value of receiving M dollars two years from now when the prevailing interest rate is i is equal to
a. M - i2 b. M ? i2 c. M/i d. M/(1 - i) e. M/(1 + i)2
If real GDP per person were equal to $1,000 in 1900 and grew at a one percent annual rate, what would be the value of real GDP per person 100 years later?
A. $11,000 B. $13,780 C. $1,100 D. $2,705