If the population is split up into quintiles by income, the bottom quintile would include:
A. the poorest 20 percent of the population.
B. the poorest half of the population.
C. the poorest 60 percent of the population.
D. the richest half of the population.
Answer: A
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If the price of chicken falls, then in the market for beef
A) the demand curve for beef shifts rightward. B) the demand curve for beef shifts leftward. C) there is a movement downward along the demand curve for beef. D) there is a movement upward along the demand curve for beef.
Economists say that a firm has a normal profit when:
a. it earns a return of at least 10 percent. b. its accounting profit is positive. c. it can pay all its variable costs. d. its economic profit is zero.
Suppose the government has granted patents to three firms that make the only versions of a particular type of product. What will result?
a. The small number of competitors will attract new firms to the market. b. Monopolistic competition will drive at least one firm to exit the market. c. The three firms will constitute an oligopoly. d. The three firms will have a legal monopoly rather than a natural monopoly.
Which of the following subcomponents of GDP can be either positive or negative?
a. inventory investment b. exports c. government purchases d. All of the above are correct.