If we were on curve K, the poorest quintile received about _____% of income.
A. 3
B. 6
C. 13
D. 20
C. 13
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Refer to Figure 4-15. How much of the tax is paid by sellers?
A) $2 B) $5 C) $7 D) $12
Refer to the above table. Assuming constant opportunity costs, which of the of the following statements is correct if the rate of exchange is 1 movie for 1 cuckoo clock
A) U.S. residents would be willing to export cuckoo clocks, but Swiss residents would not gain from exporting movies at this rate of exchange. B) Swiss residents would be willing to export movies, but U.S. residents would not gain from exporting cuckoo clocks at this rate of exchange. C) U.S. residents will gain from exporting movies and Swiss residents will gain from exporting cuckoo clocks at a rate of exchange. D) U.S. residents will gain from exporting cuckoo clocks and Swiss residents will gain from exporting movies at a rate of exchange.
Basil is maximizing his utility from consuming tea and crumpets. If the marginal utility of his last cup of tea was 24 units of utility and that of his last crumpet was 6 units of utility, which of the following is true?
a. The price of tea is six times the price of crumpets. b. The price of crumpets is four times the price of tea. c. The prices of tea and crumpets are equal. d. The price of tea is four times the price of crumpets. e. The MU of the next cup of tea is less than the MU of the next crumpet.
Private saving is positive when:
A. there is a government budget surplus. B. after-tax income of households and businesses is greater than consumption. C. after-tax income of households and businesses is greater than consumption expenditures. D. there is a government budget deficit.