Refer to the graph shown.
The middle quintile (the middle fifth) of families earn:
A. 32.6 percent of the income.
B. 22.1 percent of the income.
C. 10.7 percent of the income.
D. 15.3 percent of the income.
Answer: D
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The marginal revenue curve faced by a perfectly competitive firm
A. is downward sloping, because price must be reduced to sell more output. B. lies below the firm's demand curve. C. is horizontal at the market price. D. has all of these characteristics.
Suppose that Tracy and Pat start a business. Because of a series of bad decisions by Tracy, the company goes bankrupt, owing a total of $50,000. Tracy is penniless and Pat is a millionaire
If the company were organized as a partnership, Pat would be responsible for A) over $1 million of debt. B) $50,000 of debt. C) $25,000 of debt. D) $0 of debt.
A property of an asset that makes it desirable for use as a means of settling debts maturing in the future is a(n)
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred payment.
The statement "American workers are lazy" is an example of positive economic analysis
a. True b. False Indicate whether the statement is true or false