Mo’s family earns $200,000 per year. Based on the table showing income distribution in the United States in 2017, they are in the ______.
a. third fifth
b. fourth fifth
c. top fifth
d. top 5%
c. top fifth
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Which of the following is a term that is sometimes used to describe markets with low entry barriers and firms that are price searchers?
a. pure competition b. monopoly c. monopolistic competition d. oligopoly
If the annual inflation rate in an economy is "i", then $1 borrowed at the beginning of a year will have the same purchasing power as ________ dollars at the end of the year
A) (1 - i) B) (1/i) C) (1 + i) D) i
Cross-price elasticity of demand is used to determine whether
a. a product is an inferior or normal good b. a product is a necessity or a luxury c. two products are substitutes or complements d. price and total revenue are directly or inversely related e. the product's demand curve is linear
Discuss the advantages of using an income tax system such as the one discussed in this chapter, as opposed to a consumption tax.
What will be an ideal response?