Which of the following is true?
a. The majority of millionaires received most of their wealth through an inheritance.
b. The percentage of the population that are millionaires in inflation-adjusted dollars has been stable since the 1970s.
c. About one-third of millionaires have college degrees.
d. More than 75 percent of American millionaires have college degrees.
D
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Using a graph, show the effects of a negative externality. Where is the socially optimum point of output? How can it be achieved?
What will be an ideal response?
Which of the following explains how a cartel with 100 percent control might raise price to monopoly-like levels?
a. By setting a group output level equal to a profit-maximizing monopolist, and then assigning binding quota shares to cartel members. b. By setting an official price that members can secretly undercut. c. By forbidding price competition, but allowing non-cooperative rivalry in output levels. d. None of the above.
The purchase of a capital asset adds to the demand for loanable funds only if that asset is a domestic one
a. True b. False Indicate whether the statement is true or false
Because of a late night out with friends, Alyssa decided to sle ep in rather than attend her 7:50 a.m. economics class. According to economic analysis, her choice was
a. irrational, because economic analysis suggests you should always attend classes that you have already paid for. b. irrational, because oversleeping is not in Alyssa's self-interest. c. rational only if Alyssa has not missed any other classes during the current semester. d. rational if Alyssa values the additional sleep more highly than the extra benefit she expects to receive from attending the class.