Roughly what percentage of money income was earned by the lowest 20% of income earners in the U.S. in 2010?
A) 0.8%
B) 3.8%
C) 6.8%
D) 9.8%
B
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A universal health insurance program, which lowers patient's out-of-pocket expenses, would tend to
A) reduce the number of patients seeking medical care. B) reduce the number of doctors offering medical care. C) increase the non-monetary costs of medical care, such as waiting longer in line. D) generate all of the above.
Which of the following decreases the demand for an inferior good?
A) an increase in income B) a decrease in the price of a complement C) a decrease in income D) an increase in the price of a substitute
An increase in the real wage
A) represents a pure substitution effect. B) represents a pure income effect. C) represents a combination of income and substitution effects. D) causes a parallel shift in the consumer's budget line.
Is the firm a perfect competitor or an imperfect competitor?
