In the United States today, the poorest fifth of the population earns about _____ percent of all income, while the richest fifth earns about _____ percent.
a. 4, 50
b. 2, 70
c. 8, 25
d. 6, 35
Ans: a. 4, 50
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Gross Domestic Product (GDP) is defined as the market value of:
A) all goods and services sold during the year by domestic and foreign producers. B) all final consumer goods produced during the year by domestic and foreign suppliers. C) all intermediate goods produced during the year by domestic and foreign suppliers. D) all final goods and services produced within the boundaries of an economy during the year by domestic and foreign-supplied resources.
The key reason that the Soviet Union failed to develop new ways to make the economy efficient and was therefore not able to sustain economic growth was due to
A) the Soviet Union relying on entrepreneurs to develop new production technologies. B) the typical behaviors of managers and employees in a centrally planned economy. C) the failed attempt to convert to a market-based economy. D) the Soviet Union's lack of accumulating capital goods.
A production function may exhibit
a. constant returns to scale and diminishing marginal productivities to all inputs. b. constant returns to scale and diminishing marginal productivities to all but one input, but at least one input must have a constant marginal productivity. c. constant returns to scale and diminishing marginal productivity to at most one input. d. constant returns to scale and diminishing marginal productivities for no inputs.
An example of a good that can be used for money that has no intrinsic value is:
A. gold. B. paper dollar bills. C. cigarettes. D. Hershey kisses.