Use the above table. What percentage of income is received by the richest 20% of the population?
A. 11.11 percent
B. 33.33 percent
C. 16.67 percent
D. 40.00 percent
Answer: B
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A lump-sum tax, such as a $1000 tax that every family must pay one time, is
A) negatively related to real GDP. B) an autonomous tax. C) a regressive tax. D) a type of income tax.
The change in the quantity of goods and services that an hour's work can buy is measured by the
A) nominal wage. B) real wage. C) CPI. D) real interest rate. E) inflation rate.
Refer to Figure 19-10. Under the Bretton Woods System of exchange rates, if the par exchange rate was $4 per pound in the figure above, then which of the following is true?
A) The Bank of England would have to buy 0.7 million pounds per day with dollars. B) The par exchange rate is below the equilibrium rate, causing a shortage of domestic currency. C) There is a shortage of pounds equal to 0.7 million. D) The Bank of England would have to sell 0.7 million pounds per day in exchange for dollars.
Mrs. Lovejoy decides to invest in companies which she believes can produce their goods at the lowest possible cost. Mrs. Lovejoy is investing in companies that are
A) always going to be profitable. B) productively efficient. C) both productively and allocatively efficient. D) allocatively efficient.