In the figure above, the poorest 20 percent of all households receive what share of all income?
A) 10 percent
B) 20 percent
C) 30 percent
D) 40 percent
A
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When trade is free (unimpeded by government-instituted barriers) how are the patterns of trade and trade flows determined?
What will be an ideal response?
Tony's Taco Truck has an average variable cost of $1.50 and a marginal cost of $2 when it produces 50 units of output (tacos). We can conclude that the average variable cost of producing 51 tacos is a. higher than $1.50
b. lower than $1.50. c. equal to $1.50 d. either higher or lower than $1.50 depending on the direction of the marginal cost curve.
If Sam is willing to pay $50 for one unit of good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam's consumer surplus is:
A. $40 and he buys 1 unit of good X. B. $60 and he buys 2 units of good X. C. $70 and he buys 3 units of good X D. $68 and he buys 4 units of good X.
A lump-sum tariff imposed on foreign competitors will:
A. decrease the profits of domestic firms when demand is high. B. have no impact on domestic firms' profits when demand for domestic goods is high. C. increase the profits of domestic firms when demand is high. D. always remove foreign competitors from the market.