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.
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If the income elasticity for canned food is 0.8, then canned food is an inferior good
Indicate whether the statement is true or false
In perfect competition, the demand curve facing a firm is a horizontal line at the market price because
a. marginal revenue equals total revenue b. of the law of demand c. price always exceeds average total cost d. marginal cost equals average cost e. the firm is a price taker
After an employer pays the cost of educating a worker,
a. the worker has a higher level of human capital. b. the worker should become more productive. c. the worker might look for another job unless his employer pays him more. d. All of the above are correct.
Briefly and concisely define the following terms. a. Voluntarism b. Direct controls c. Depletable resource
What will be an ideal response?