Since 1970, the distribution of income in the United States
A) generally has become more equal.
B) generally has become less equal.
C) has become more equal than the distribution of wealth.
D) has shown no discernible trend.
B
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The underground economy can be described as
A) production of intermediate goods and services. B) economic production that includes mining. C) production of infrastructure that spurs growth in the rest of the economy. D) economic activity that is hidden from the government to avoid taxes or because the activity is illegal.
Venture capitalists
A. Are a critical link between entrepreneurial ideas and market reality. B. Provide entrepreneurial ideas. C. Share in the risks but not the rewards of entrepreneurial ideas. D. Are always willing to lend money to new businesses.
Which of the following does GDP omit?
A) Jack purchases $2,300 worth of stock in company X. B) Bob mows his lawn and washes and irons his shirts. C) Helen receives $4,000 a year in Social Security payments. D) a and b E) a, b, and c
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000.
At Straker Industries, average variable cost (AVC) reaches its minimum value at ________.
A. $72.80 B. $24.50 C. $121.80 D. $33.60