The above table shows the distribution of wealth and income in Miseria. With respect to income, the richest twenty percent of the population earn
A) 90 percent of the income.
B) 11 times as much as the poorest twenty percent.
C) 9 times as much as the poorest twenty percent.
D) just as much as the second richest twenty percent.
C
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For dessert, Mac has the choice between cheesecake and apple pie. The cheesecake has a marginal utility of 50 and a price of $5, and the apple pie has a marginal utility of 30 and a price of $3 . Therefore, Mac should buy
a. the cheesecake since the marginal utility is greater b. the apple pie because its price is lower c. two servings of apple pie and no cheesecake d. four servings of cheesecake e. either the apple pie or the cheesecake, it makes no difference
One World View article is titled "Bono Says "Stupid" to Pay Irish Taxes."" The band U2 moved its corporate headquarters to Amsterdam because the Irish government
A. Capped remittances to band members in other countries. B. Capped tax-free royalty income at $360,000. C. Raised taxes on corporate profits. D. Raised marginal tax rates on upper-income earners.
Refer to Figure 8.11. If Fred's profit in the top rectangle were 1,300 instead of 500, then the path of the game would be:
A. Fred chooses a small quantity and Barney enters. B. Fred chooses a large quantity and Barney enters. C. Fred chooses a small quantity and Barney stays out. D. Fred chooses a large quantity and Barney stays out.
There exists asymmetric information in a market:
A. if both sides of the market have the same information about the good. B. only if buyers have better information about the good than sellers. C. only if sellers have better information about the good than buyers. D. if either buyers or sellers have better information than the other group.