Based on data from 2011, the top fifth of all families received approximately what percent of all income in the United States?
a. 83 percent
b. 49 percent
c. 41 percent
d. 21 percent
b
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The Mint Act of 1792 failed to provide for a stable domestic hard currency for the U.S. because
(a) the supply of gold and silver was inadequate. (b) the federal government failed to make the coins legal tender. (c) gold was undervalued, while silver was exported. (d) the notes of the U.S. government were not accepted by the population because of their low value, while the government had no gold to offer.
When a tax is placed on sellers:
A. sellers always bear a higher incidence than buyers. B. buyers always bear a higher incidence than sellers. C. the effect on the price buyers pay and sellers receive is the same as a tax on buyers. D. None of these is true.
In deciding where to operate along its production possibilities frontier, a society is answering the question of
a. which goods and services should be produced with its scarce resources b. what production methods should be used to produce goods and services c. how will output be allocated among the individuals in the society d. what prices will be charged for goods and services e. how much will it trade with other societies in the world
In a perfectly competitive market, if the market price is less than ATC, and the market price equals the MC, then the firm should:
A.) Result in an increase in profits B.) Result in a loss of income C.) Result in a growth of the industry D.) Result in more sellers entering the market