The quintile distribution of family income in the United States shows
A) the average incomes of 5-person families grouped by age, sex, race, education, and similar factors.
B) the percentage of total family income received by each 5 percent of U.S. families grouped by income.
C) the percentage of total income received by each 20 percent of U.S. families grouped by income.
D) the percentage of total family income spent on food, clothing, shelter, medical care, and essential services.
E) the percentage of total family income stemming respectively from wages, interest, profit, rent, and welfare grants or other transfers.
C
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A football stadium has a fixed number of seats. Given this, how should stadium management determine ticket prices?
a. When MR
Explain why the marginal propensity to save and the marginal propensity to consume sum to 1
A gold standard is: a. a measurement of the importance of a good; it indicates high quality
b. the basis for monetary exchange internationally. c. an internationally recognized means for defining currency exchange rates. d. a system where currency (e.g., the dollar) was defined as equivalent in value to a certain amount of gold.
In a situation of excess supply in the labor market, there are:
a. many applicants for every job opening; employers will have an incentive to offer lower wages than they otherwise would have. b. few applicants for every job opening; employers will have an incentive to offer lower wages than they otherwise would have. c. many applicants for every job opening; employers will have an incentive to offer higher wages than they otherwise would have. d. few applicants for every job opening; employers will have an incentive to offer higher wages than they otherwise would have.