In the United States, the wealthiest 20 percent of households own about ________ of total wealth
A) 44 percent
B) 53 percent
C) 62 percent
D) 83 percent
D
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What three assumptions must hold for the allocation of resources among firms to be efficient?
What will be an ideal response?
The idea that an improvement in technology causes an increase in population but causes no increase in the average standard of living is attributed to
A) Adam Smith. B) Thomas Malthus. C) Robert Solow. D) Milton Friedman.
Lewis has preferences given by the Cobb-Douglas utility function U(q1,q2 ) = q1aq21-a, where a > 0. Show that Lewis's total amount spent on each good, does not change with the prices
What will be an ideal response?
If the value of the spending multiplier is greater than 1, then an increase in investment will shift the aggregate demand curve to the left
a. True b. False Indicate whether the statement is true or false