In 2011, what percentage of U.S. families had income levels above $115,866?
a. 10 percent
b. 20 percent
c. 60 percent
d. 80 percent
b
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Which of the following is not an example of a barrier to entry?
a. John owns the only parcel of lakeside property with a beach that is safe for swimming. He charges admission to neighbors who want to use the beach. b. Jackie owns the copyright to a popular song. She receives royalties every time a radio station plays her song. c. John Jr. owns the best seafood restaurant in a popular resort area. He charges high prices because the quality of the food is so good. d. Caroline owns the patent for a new running shoe. She receives payments from the company who manufactures the shoes.
The evidence shows that, over the last 25 years, spending on research and development in the rich countries has
A) decreased dramatically. B) decreased slightly. C) remained constant. D) increased in absolute numbers, but decreased as a percentage of GDP. E) increased as a percentage of GDP.
A tariff is
A. a government imposed restriction on the quantity of a specific good that can be imported into the country and sold. B. a subsidy on domestically produced goods. C. the difference between the world market price and the domestic price when a group of firms in an industry collude successfully. D. a tax on imported goods.
If there is a decrease in the percentage of employees whose wages adjust automatically with changes in the price level, the aggregate supply curve will become
A. horizontal. B. steeper. C. flatter. D. vertical.