Refer to the table below. To maximize utility, the consumer will buy:
The table below shows the marginal-utility schedules for goods A and B for a hypothetical consumer. The price of good A is $1 and the price of good B is $2. The income of the consumer is $8.
A. 2 A and 3 B
B. 4 A and 2 B
C. 4 B
D. 6 A and 1 B
B. 4 A and 2 B
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As a tool that is used to measure inequality in the distribution of income, the Lorenz curve graphs
A) the cumulative percentage of income against the cumulative percentage of households. B) the percentage of total income received by each given percentage of households. C) the mean income, median income, and mode income against the percentage of households. D) the mean income received by households over time.
The estimated value of all financial assets held by U.S. households and nonprofit organizations in 2012 was about:
A. $5.3 trillion. B. $15.7 trillion. C. $45 trillion. D. $54 trillion.