According to economist Emmanuel Saez, between 1993 and 2010, the incomes of the richest 1 percent grew by ________, and the other 99 percent grew by ________ on average.
A. 58 percent; 64 percent
B. 5.8 percent; 6.4 percent
C. 58 percent; 6.4 percent
D. 5.8 percent; 64 percent
C. 58 percent; 6.4 percent
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Industry demand is given by: QD = 1000 – P
All firms in the industry have identical and constant marginal and average costs of $50/unit. a. If the industry is perfectly competitive, what will industry output be? What will be the equilibrium price? What profit will each firm earn? b. Now suppose that there are five firms in the industry, and that they collude to set price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
Everything else being equal, a higher interest rate
a. increases consumption spending as people face increasing debt b. reduces consumption spending as people have a greater incentive to save c. does not change consumption spending because consumption is only affected by income d. does not change total consumption spending, but does change who does the spending e. reduces both consumption spending and saving as people face increased debt
According to research data on welfare, the typical welfare recipient
a. has little ambition and refuses to exert much effort to find employment b. had a criminal record as a teenager c. is found evenly spread out in every geographic area of the United States d. often scores on the lowest levels of literacy tests e. finds it easy to gain high-wage employment
The U.S. government funds the federal budget deficit by
A. borrowing from large private banks at favorable terms and low interest rates. B. selling securities such as Treasury bonds and Treasury bills. C. selling stock in government-owned corporations D. selling shares in gold owned by the Federal Reserve via special drawing rights.