If we were on curve J, the lowest three quintiles received about _____% of income.
A. 20
B. 40
C. 50
D. 60
D. 60
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Suppose that in 2016, real GDP grew in Estonia by 3% and the population increased by 5%. Therefore, in 2016, Estonia experienced
A) economic growth and an increase in living standards. B) no economic growth, but an increase in living standards. C) no economic growth and no increase in living standards. D) economic growth, but not an increase in living standards.
In the short-run along the horizontal portion of the aggregate supply curve, an increase in the budget deficit and an expansionary monetary policy would:
A) increase the price level only. B) increase both the price level and real income. C) increase real income only. D) none of the above.
Where can an economy not produce?
a. inside its production possibilities frontier b. on its production possibilities frontier c. outside its production possibilities frontier d. at the endpoints of its production possibilities frontier
In economics, welfare analysis is useful to
A) gauge the validity of "mend it, don't end it." B) determine who should receive income transfers. C) determine who gains and who loses in a particular policy option. D) prove which policy option is "best."