According to Adam Smith, a well-governed society's wealth is positively related to
A) the division of demand.
B) the division of labor.
C) the degree to which society can eliminate scarcity.
D) the degree to which society can encourage and promote greed.
B
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Which of the following transactions would take place in the underground economy?
A) Samuel tells his wife he is going to work but really goes to the local casino. B) Tanisha bought a tablet computer for $269 but decided to sell it to her sister instead of keeping it. C) Laurie buys a case of wine at a liquor store, not realizing that 15% of the purchase price goes to the government as tax revenue. D) Bailey makes beef jerky and sells it at a local flea market for cash to avoid paying taxes.
The income of the household lying at the exact middle of the income distribution is:
a. mean household income. b. median household income. c. modal household income. d. second quintile household income.