Answer the following statements true (T) or false (F)
1. According to the Department of Commerce, a person living alone constitutes a single-person family.
2. Statistics indicate that because of government transfer programs, households in the four lower quin tiles now receive a much larger share of aggregate income than in 1970.
3. The Lorenz curve measures the degree to which a nation’s income is distributed.
4. The Lorenz curve measures the per capital annual income of individuals.
5. The value of the Gini coefficient has increased since the 1970s.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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If consumers suddenly became more optimistic ________
A) they would spend more at any given inflation rate B) planned expenditures would decline C) the aggregate demand curve would shift to the left D) all of the above E) none of the above
Suppose that quantity demand rises by 10% as a result of a 15% decrease in price. The price elasticity of demand for this good is
a. inelastic and equal to 0.67. b. elastic and equal to 0.67. c. inelastic and equal to 1.50. d. elastic and equal to 1.50.
A person 16 years or older who does not work and does not look for work is officially classified as:
A. unemployed. B. employed. C. out of the labor force. D. chronically unemployed.
Refer to the information provided in Scenario 36.5 below to answer the question(s) that follow.SCENARIO 36.5: The tiny nation of Bugaboo consists of two virtually identical islands, Achoo and Zoink, separated by the Strait of Dingo. The islands are similar in geography and population. The only telephone service on the islands is cellular, and the only cellular provider on the islands is the government-owned Bugaboo Communications Company, which charges a standardized rate of 20 Bugabucks per minute. Both islands add on an additional $5 Bugabucks-per-minute usage tax. As a way to increase revenue, the island governor of Zoink decided to increase the usage tax to $10 per minute, effective January 1, 2017. The average monthly cellphone usage per month is listed in the table below.?Average
Monthly Telephone Use per Resident (minutes)Island20162017Achoo4,5005,150Zoink4,8005,225Refer to Scenario 36.5. The total cost of telephone service for residents of Zoink in 2017 is ________ Bugabucks. A. 26,125 B. 52,250 C. 156,750 D. 182,875