The mean household income is
A) the income that separates households into two equal groups.
B) the most common household income.
C) the percentage of total income received by the richest 20 percent of households.
D) the average household income.
D
Economics
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If the demand for a good is unit elastic
A) a 5 percent increase in price results in a 5 percent increase in total revenue. B) a 5 percent increase in price results in a 5 percent decrease in total revenue. C) a 5 percent increase in price does not change total revenue. D) the demand curve is a straight line with slope of -1.
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A tax that reduces economic efficiency is always bad policy
a. True b. False Indicate whether the statement is true or false
Economics