With respect to wealth in the United States, we presently find that the richest one percent of Americans own approximately how much of the nation's wealth?
A) 10 percent
B) 35 percent
C) 70 percent
D) 85 percent
B
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In 2008, Cameron began his career with SBC. His starting salary was $32,000. By 2012, his salary increased to $35,000. If the CPI was 100.0 in 2008 and 107.5 in 2012, Cameron's 2012 real income is
A) $35,000. B) $32,558. C) $32,000. D) $37,625. E) $34,400.
If a firm wants to maximize profits it should
A) hire lots of capital and very little labor since labor needs to be trained. B) hire unskilled labor rather than skilled labor since unskilled labor is cheaper. C) equate the marginal physical product for each input to the price of the input. D) equate the marginal revenue product for each input to the price of the input.
For a monopolist to maximize profits, its
A) price exceeds marginal cost. B) price equals marginal revenue. C) price equals average total cost. D) marginal revenue exceeds price.
The U.S. government has two different methods to deal with illegal drug use. First, the government has tried a "war on drugs", with the idea of keeping illegal drugs out of the country
Second, the "Just say no" campaign has been used to make individuals more aware of the harmful effects of drugs. Use supply and demand to analyze the effects of these two separate policies.