Refer to the information provided in Figure 18.1 below to answer the question(s) that follow.
Figure 18.1Refer to Figure 18.1. The wealthiest fifth of families earned ________% of income in Outland.
A. 20
B. 40
C. 60
D. 95
Answer: B
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Suppose tennis shoes cost $50 per pair and firms supply 50,000 pairs of shoes. If the price decreases to $45 and firms decide to supply 48,000, the elasticity of supply equals
A) 0.0025. B) 0.04. C) 2.63. D) 0.39.
The time span between recognition of the need for a policy change and the legislation being signed into a law is known as: a. signal lag
b. implementation lag. c. impact lag. d. recognition lag.
Suppose there are 100 identical firms producing package delivery services. One of the firms pays a wage rate of $7 and hires 20 delivery workers. The price the firm charges to deliver a package is $10 . We know then that the number of delivery workers in the package delivery industry is
a. 100 workers b. 200 workers c. 700 workers d. 2,000 workers e. 10,000 workers
If production in the economy is efficient, then changes in market prices
A. Move us to a point above the production possibilities curve. B. Have no effect on our position on the production possibilities curve. C. Move us along the edge of the production possibilities curve. D. Move us from a point below the production possibilities curve to a point on the production possibilities curve.