In the figure above, the poorest 40 percent of households receive ________ of total income
A) 20 percent
B) 10 percent
C) 30 percent
D) 15 percent
D
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Adding depreciation to net national product yields
a. disposable income (DI). b. personal income (PI). c. net national product (NNP). d. gross domestic product (GDP).
Saying that it takes twice as many dollars to buy one ticket for a concert than two tickets for a movie refers to the use of money as a
A) medium of exchange. B) unit of account. C) store of value. D) means of achieving the double coincidence of wants.
Imagine that two years ago you inherited $20,000 and put it into an account paying a fixed 8 percent annual interest rate. How much money do you have in your account now?
a. $22,880.00 b. $23,200.00 c. $23,232.00 d. $23,328.00
Suppose that the firms in the perfectly competitive oat industry are currently receiving a price of $2 per bushel for their product and there are constant returns to scale. The minimum possible average total cost of producing oats in the long run is $1 per bushel. Other things being equal, it follows that:
A. the price of oats will be $1 in the long run. B. the price of oats will be somewhere between $1 and $2 in the long run. C. it is not possible to determine the price of oats in the long run from the information given. D. the price of oats will be $2 in the long run.