The study of economic mobility discussed in the text pinpoints five factors that are correlated with economic mobility. What are those five factors and how do they affect economic mobility?
What will be an ideal response?
1. Segregation by race or income. The more segregated (by race or income) the city, the lower the associated economic mobility.
2. Family structure. A higher prevalence of single-parent households in a community is correlated with lower economic mobility.
3. School quality. Areas with higher test scores, lower dropout rates, and smaller class sizes had greater mobility.
4. Social capital. Greater religious and civic participation are positively correlated with economic mobility.
5. Economic inequality. Smaller income gaps among the middle class were associated with greater income mobility.
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A) goodwill. B) salvation. C) kindness. D) retribution.
If a monopolistically competitive firm is producing 50 units of output where marginal cost equals marginal revenue, total cost is $1,674 and total revenue is $2,000, its average profit is
A) $326. B) $40. C) $6.52. D) impossible to determine without additional information.