Which of the following is not true about income quintiles?
a. Only one in seven households in the bottom quintile has anybody working full time
b. Only one in three households in the top quintile has anybody working at all
c. A primary contributor to the smaller share of income going to the bottom quintile has been the growth of single-parent households
d. Three out of four households in the top quintile have two or more working
e. A primary contributor to the larger share of income going to the top quintile has been the growth of two-earner households
B
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If inventories decline by more than analysts predict they will decline, this implies that
A) actual investment spending was equal to than planned investment spending. B) there is no relationship between actual investment spending and planned investment spending. C) actual investment spending was greater than planned investment spending. D) actual investment spending was less than planned investment spending.
The main center of the Eurodollar market is
A) London. B) Basel. C) Paris. D) New York.
Which of the following is a correct definition of marginal cost (MC)?
a. It is the added cost that results from hiring one more employee. b. It is the increase in the average cost that results from producing one more unit of a good. c. It is the decrease in profits that results from selling another unit of a good. d. It is the cost per unit of a good produced -- i.e., total cost divided by quantity. e. It is the added cost that results from producing one more unit of a good.
Suppose maple syrup is illegal in the country of Pancake. If there are two ways to smuggle maple syrup into Pancake: one through overland and one by sea. If the proud Pancakian coast guard is able to arrest all who attempt to smuggle syrup by sea, what would the theory of rent predict?
A. The production costs of smuggling syrup by sea will fall to zero as the use of the sea route falls to zero. B. The increased rents to maple syrup will reduce demand for maple syrup. C. Rents for using the land route will increase, making syrup smugglers on net better off. D. Rents for using the land route will increase, but syrup smugglers on net will likely not be better off.