If we compare income percentages of total income of the highest quintile in 1968 with 2008, we would find that it was
A. rising.
B. staying about the same.
C. falling.
A. rising.
You might also like to view...
Some low-income countries generally remain poor because
a. their institutional arrangements and policies often discourage productive activity and reduce the potential gains from specialization and exchange. b. they are oppressed by developed nations that benefit from the cheap goods available from countries with low wage rates. c. they are poorly endowed with natural resources, which are essential for long-term growth. d. when the average income level is low, workers have little incentive to earn higher incomes.
The short-run market supply in a perfectly competitive market is the horizontal summation of the firms' marginal cost curves when
A. increases in industry output do not affect input prices. B. increases in industry output lead to increases in market price. C. increases in industry output do not affect market price. D. increases in industry output lead to increases in input prices.
Suppose a country, whose production and consumption of coffee is large relative to the world market, has just entered the global market. If the country is a net exporter of coffee, we would expect the world:
A. supply curve to shift more to the left than the world demand curve as a result. B. demand curve to shift more to the right than the world supply curve as a result. C. demand curve to shift more to the left than the world supply curve as a result. D. supply curve to shift more to the right than the world demand curve as a result.
When is a price ceiling ineffective?
What will be an ideal response?