The highest income quintile receives about ______% of all income.
Fill in the blank(s) with the appropriate word(s).
50
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If, for a given output level, a perfectly competitive firm's price is less than its average variable cost, the firm
A) is earning a profit. B) should increase output. C) should increase price. D) should shut down.
Vault cash is not included in the central bank's liability category of currency because:
A. vault cash is in the asset category of reserves. B. vault cash really is only electronic funds. C. only non-bank currency is in the liability category of currency. D. it is the liability of the U.S. Treasury.
Given a fixed level of spending, you will maximize utility when the:
A. marginal satisfactions are maximized. B. ratios of the marginal utilities to their prices are equal. C. total satisfaction from both goods is maximized regardless of cost. D. ratios of the total utilities to their prices are equal.
If variable cost at each output level doubles,
a. ATC doubles b. AFC doubles c. MC remains unchanged d. MC doubles e. MC less than doubles