What is the percentage of income received by the upper two quintiles on line L?
85
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European banks began with
A. Monarchs were the first bankers, lending out cash to help the poor learn a craft.
B. Churches were the first bankers, lending out cash to help the poor learn a craft.
C. Goldsmiths were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money.
D. Fishermen were the first bankers, and the paper receipts they issued for fish they stored in the hulls of their ships became valued as money.
The machines workers have to work with are considered
A) entrepreneurship. B) financial capital. C) human capital. D) physical capital.
Apple introduced its iPhone 3G in July 2008 and within a month sales had topped 3 million units. By April 2009, more than 25,000 apps for the iPhone 3G were available in the iTunes store, an indication that in a competitive market
A) entry into the market is restricted in the short run, but becomes easier in the long run. B) the ease at which a new firm can enter a competitive market is high. C) entry into the market is blocked. D) the ease at which a new firm can enter a competitive market is low.
If two goods are close substitutes:
a. Consumers will always buy the one that has the lower price b. An increase in the price of one causes the demand for the other to decrease c. A decrease in the price of one causes an increase in the demand for the other d. A fall in the price of one will decrease the demand for the other