In 2004, approximately what percent of household income was transferred from the top two quintiles to the lowest three quintiles?
A. Zero.
B. 10.
C. 15.
D. 22.
Answer: B
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A rightward shift of a supply curve is called a(n)
a. increase in supply. b. decrease in supply. c. decrease in quantity supplied. d. increase in quantity supplied.
Which of the following describes an individual’s labor supply curve when the substitution effect is stronger than the income effect?
a. U-shaped b. backward bending c. upward sloping d. downward sloping
According to Okun's law, when cyclical unemployment increases from 1 percent to 2 percent, the recessionary gap increases from ________.
A. ?2 percent to ?4 percent B. 2 percent to 4 percent C. ?1 percent to ?2 percent D. 1 percent to 2 percent
________ reflects household willingness to pay, and ________ reflects the opportunity cost of the resources needed to produce a good.
A. Demand; price B. Price; marginal cost C. Price; average total cost D. Marginal utility; price