In the figure above, the lowest 20 percent of all households own ________ percent of all wealth, the next lowest 20 percent own ________ percent of all wealth and the richest 20 percent own ________ percent of all wealth.
A) 20; 20; 20
B) 20; 40; 100
C) 5; 15; 40
D) 5; 20; 60
Ques. 2Teddy buys only chocolate chip cookies and hot chocolate and spends all of his income on the two items. Suppose that Teddy's marginal utility per dollar from cookies exceeds that from hot chocolate. Teddy can make himself better off if he buys
A) more cookies and less hot chocolate.
B) fewer cookies and more hot chocolate.
C) an equal amount of cookies and hot chocolate.
D) only hot chocolate.
Ques. 3The Herfindahl-Hirschman Index is definitely larger in a ________ market than in a ________ market.
A) monopoly; perfectly competitive
B) monopolistic competitive; monopoly
C) perfectly competitive; monopoly
D) perfectly competitive; monopolistic competitive
Ques. 4In a perfectly competitive market, the market supply curve is the sum of the
A) supply curves of all the individual firms.
B) average variable cost curves of all the individual firms.
C) average total cost curves of all the individual firms.
D) average fixed cost curves of all the individual firms.
Ques. 5If the demand curve for bikes shifts leftward and the supply curve for bikes shifts rightward, the equilibrium
A) price of bikes definitely increases.
B) price of bikes definitely decreases.
C) quantity of bikes definitely increases.
D) quantity of bikes definitely decreases.
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