In 2012, government income transfers redistributed what percentage of national income?
a. 1.1 percent
b. 7.7 percent
c. 17.4 percent
d. 25.5 percent
C
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If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loan amount is
A) $1000. B) $1210. C) $2000. D) $2200.
Jerry spends his entire income on two goods, Bran and Tea. Every month he spends half of his income on each of these goods. Jerry's income elasticity of demand for Bran is .75. What is the income elasticity of demand for Tea?
A) 1.25 B) .75 C) 1 D) Unknown with the information provided
If aggregate supply is totally price inelastic, an increase in aggregate demand will:
a) Increase price but not output b) Increase output but not price c) Increase output and price d) Decrease output and price
When a market is corrected for externalities, it:
A. makes everyone in society better off. B. is equitable. C. maximizes surplus. D. All of these statements are true.