If we were on curve K, the upper two quintiles received about _____% of income.
A. 25
B. 35
C. 45
D. 55
D. 55
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What does the cross elasticity of demand measure?
What will be an ideal response?
When a negative externality exists, _______________________ and thus _______________ intervention may be needed to achieve efficiency.
A. external costs are necessarily greater than private costs; government B. social costs equal private costs; no government C. social costs are less than private costs; government D. social costs are greater than private costs; government E. none of the above
Assuming no change in the effort curve of employees, the efficiency wage model implies that
A) the real wage is rigid and equals the efficiency wage. B) the real wage exceeds the marginal productivity of labor. C) an increase in the marginal productivity of capital will increase the real wage. D) the real wage is procyclical.
If the deficit is 0.1 times GDP, the existing debt—GDP ratio is 0.5, and the growth rate of nominal GDP is 0.04, then the change in the debt—GDP ratio is
A) +0.08 B) +0.075. C) 0. D) -0.075.