In 2013, the income share of the highest quintile was
A. almost 60 percent.
B. 20 percent.
C. almost 90 percent.
D. 47 percent.
Answer: A
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Which of the following is true about unemployment?
a. the benchmark high-employment level is most likely between 3 and 4 percent b. In recent years, the appropriate benchmark high-employment level has risen. c. Based on the experience of the 1960s, a 7 percent unemployment rate was too low to be sustained without a buildup of inflationary pressure d. During the 1970s, the benchmark high-employment level rose but this was not observed by economists at the time.
Suppose that in a particular market, the supply curve is highly elastic and the demand curve is highly inelastic. If a tax is imposed in this market, then the
a. buyers will bear a greater burden of the tax than the sellers. b. sellers will bear a greater burden of the tax than the buyers. c. buyers and sellers are likely to share the burden of the tax equally. d. buyers and sellers will not share the burden equally, but it is impossible to determine who will bear the greater burden of the tax without more information.
Demand for one item goes down when the price of another item goes up. These items must be
A. substitutes. B. inferior goods. C. normal goods. D. complements.
In a deposit-refund system,
a. the refund component rewards potential polluters for proper disposal or recycling activity b. the deposit should be set equal to the MSC of illegal waste disposal to achieve efficiency c. monitoring and enforcement costs are higher than if a pollution charge were used d. actual polluters are not penalized for actions that harm the environment