For all but the highest quintile, the share of market income going to each quintile is
A. lower for after-tax income than for before-tax income.
B. higher for after-tax income than for before-tax income.
C. equal for after-tax income but unequal for before-tax income.
D. unequal for after-tax income but equal for before-tax income.
Answer: B
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The unemployment rate in the U.S. is equal to ________
A) the number of individuals unemployed in the U.S. divided by the U.S. population B) the number of individuals unemployed divided by the U.S. labor force C) the size of the U.S. population divided by the number of individuals unemployed D) the size of the U.S. labor force divided by the number of individuals unemployed
If the price elasticity of demand for a good is 0.25, then a 20 percent decrease in price results in a
a. 0.0625 percent increase in the quantity demanded. b. 4 percent increase in the quantity demanded c. 5 percent increase in the quantity demanded. d. 80 percent increase in the quantity demanded.
Which of the following would most likely increase the demand for peanut butter?
a. a decrease in the price of jelly, a good that is often used with peanut butter b. the discovery that excessive consumption of peanut butter is harmful to one's health c. crop failures that raise the price of peanuts d. the invention of a new product that consumers think is a good substitute for peanut butter
Unemployment that is the result of deregulation, corporate downsizing, and the closure of military bases is best categorized as frictional unemployment.
Answer the following statement true (T) or false (F)