The percentage of money income earned by the lowest fifth of families in the U.S. was ________ in 1960 and ________ in 2010
A) 41.3%; 47.8%
B) 15.9%; 20.0%
C) 12.2%; 9.5%
D) 4.8%; 3.8%
D
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Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor)
What is the average product of labor? A) AP = 5 B) AP = 5K C) AP = 5L D) AP = 5K/L
A budget deficit will be least inflationary if the aggregate
a. demand curve is very steep. b. demand curve is very flat. c. supply curve is very flat. d. supply curve is very steep.
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.According to the figure shown, Starbucks:
A. has first-mover advantage. B. should wait to see what Dunkin Donuts is going to do. C. has a dominant strategy not to expand. D. has a dominant strategy to expand.
If a consumer is initially at an optimum, and then the price of Y decreases, then
A. MUX/PX = MUY/PY. B. MUX/PX < MUY/PY. C. MUX/MUY < PY/PX. D. MUX/PX > MUY/PY.