In the figure above, the second poorest 20 percent of households receive ________ of total income
A) 5 percent
B) 10 percent
C) 15 percent
D) 20 percent
B
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Karl Marx said the people who control a society are the people who
A. run the government. B. own the land. C. own the plant and equipment. D. work in the factories.
How do RBC economists face the business cycle fact that inflation is procyclical?
A. They argue that inflation is procyclical only because monetary policy shocks are the main cause of business cycles. B. They use alternative statistical methods that suggest that inflation is countercyclical. C. They note that inflation would not be procyclical if monetary policy were conducted properly. D. They argue that even though inflation doesn't fit their theory, everything else does, and inflation is not important.
The government imposes a $2.50 per-unit tax on the production of good X. As a result the
A) supply curve for good X shifts leftward and the price of good X rises. B) quantity supplied of good X falls and the price of good X rises. C) demand curve for good X shifts leftward and the price of good X falls. D) supply curve for good X shifts rightward and the price of good X falls. E) supply curve for good X shifts leftward and the price of good X falls.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.