In 2010, high-income families (the top 20 percent) in the United States earned approximately ____ percent of the total before-tax income
a. 34
b. 48
c. 62
d. 79
B
You might also like to view...
Many economists believe that the collapse of world trade and the depression in the 1930s were linked by a decrease in real income caused by producing on the basis of comparative advantage
a. True b. False Indicate whether the statement is true or false
Which of the following is a true statement about the difference between a price-taker firm and a competitive price-searcher firm in the long run?
a. Both will sell their products at a price equal to average total cost, but only the price taker will produce at minimum average total cost. b. Both will sell their products at a price equal to average total cost, but only the competitive price searcher will produce at minimum average total cost. c. Only the price taker will sell its product at a price equal to average total cost. d. Only the competitive price searcher will sell its product at a price equal to average total cost.
Refer to Figure 11.1. Assume aggregate demand is represented by AD1, full-employment output is $6.0 trillion, and the MPC is 0.75. The spending fiscal stimulus needed to reach full-employment equilibrium is
A. $0.4 trillion B. $2 trillion. C. $1 trillion. D. $0.1 trillion.
Which of the following statements is true?
A. A savings deposit is not counted in the most basic, or narrow, definition of the money supply. B. M1 is sometimes referred to as transactions money. C. Money reduces the transaction costs of making exchanges. D. b and c E. a, b, and c