How much is the percentage of income earned by the highest quintile on Lorenz curve Q?
55
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In September 2006, the Food and Drug Administration recommended that Americans avoid eating bagged raw spinach in the wake of an outbreak of E. coli bacteria
Following this recommendation, the food industry looked at alternatives and many turned to arugula. One Chicago distributor claimed, "The sale of the stuff has gone through the roof." Based on this information A) the cross-price elasticity between arugula and spinach is negative. B) the cross-price elasticity between arugula and spinach is positive. C) the price elasticity of arugula is positive while the price elasticity of spinach falls to zero. D) arugula is a normal good while raw spinach is an inferior good.
Marginal physical product of labor measures the
a. quantity of output produced by hiring workers b. change in output generated by hiring an additional worker c. change in revenue generated by hiring an additional worker d. change in cost generated by hiring one additional worker e. change in labor productivity generated by a change in capital employed
Points outside the production possibility frontier are
A. producible. B. endowment points. C. consumer equilibrium points. D. unattainable.
If resource prices are fixed and the selling price rises, then
A. profits will decrease. B. profits will increase. C. profits will remain constant. D. both profits and output will decrease.