More goods are available to the average American today than 200 years ago, but today an American has to work more hours to earn the money to purchase most items.
Answer the following statement true (T) or false (F)
False
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For the top 1 percent of income distribution, the share of total income earned by households in this group was about ________ percent in 2015
A) 9 B) 17 C) 44 D) 68
Given the production function q = 1.37LK, what is the marginal product of labor?
A) 1.37 B) 0 C) 1.37K D) Cannot be determined with the information given.
When a firm shuts down,
A. its fixed costs drop to zero. B. revenue will fall to zero. C. short-run variable costs remain at current levels in the short run. D. All of the responses are correct.
When the price of potato chips decreases, the demand for potato chip dip increases. This effect is measured by ______ elasticity of demand.
a. unit b. revenue c. cross-price d. income