Use the information in the above table. If Income was evenly distributed, each person would receive
A) $9,000.
B) $2,500.
C) $1,800.
D) $1,000.
C
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Recall the Application. If the decrease in price of illegal drugs is primarily due to a change in demand, the equilibrium quantity of drugs
A) will increase. B) will decrease. C) will not change. D) may or may not change.
Individuals: a. respond to incentives in predictable ways
b. decrease the level of an activity in response to negative incentives. c. respond to positive incentives by increasing the level of activity. d. do all of the above.
As population of a region increases, the consumer's demand curve for a product will shift
Indicate whether the statement is true or false
Annual income data would be a better index of economic inequality if
a. all households filed tax returns revealing their real income. b. households were more different with regard to age and size characteristics. c. all households were more similar with regard to size, age, education, and other major factors that are linked to income. d. mathematicians could grasp the complexities of the calculations.