If the poorest 80 percent of the population receives 75 percent of the income, then the
a. richest quintile receives 20 percent of the income
b. Lorenz curve lies on the diagonal
c. richest quintile receives 25 percent of the income
d. poorest quintile receives 25 percent of income
e. poorest quintile receives 75 percent of the income
C
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In a diagram showing the average total cost and average variable cost curves, the minimum point of the average total cost is
A) at the same level of output as the maximum of the total product curve. B) at a lower level of output than the minimum point of the average variable cost. C) at a larger level of output than the minimum point of the average variable cost. D) at the same level of output as the minimum point of the average variable cost.
Refer to the information above. If an economy can raise its annual real GDP growth rate from 1.8 percent to 2.4 percent, its real GDP doubling time is reduced by ________ years
A) 30 B) 24 C) 10 D) 43.2