In the United States from 1935 to 2011 the share of total income earned by the bottom fifth of income earners rose and then fell
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
The cheapest way to produce a certain amount of output may vary between the short and long-run because:
a. all inputs can be adjusted in the long run. b. all inputs can be adjusted in the short run. c. input prices are fixed in the short run. d. prices increase over the long-run.
If marginal utility is a positive number:
a. the more you purchase, the more total utility you get b. the more you purchase, the less total utility you get c. utility is not affected by more purchases d. none of these is correct
If 10 years ago, the price of a movie ticket was $5 and the average hourly wage was $10, and today the price of a movie ticket is $8 and the average hourly wage is $20, then
A. movies are now relatively cheaper in terms of work hours. B. movies are now relatively more expensive in terms of work hours. C. the relative price of movies has remained constant. D. workers now need to work longer hours to earn one movie ticket.
Exhibit 6-1 Total utility for good X Total utility (utils)0 80 120 148 160 155 Quantity consumed per day0 1 2 3 4 5 As shown in Exhibit 6-1, the law of diminishing marginal utility is first observed at the:
A. first unit. B. second unit. C. third unit. D. fourth unit.