Reasons for greater income inequality in less-developed countries than in developed economies are all the following except
a. marginal revenue product of labor is low
b. marginal revenue product of capital
c. low levels of education are attained
d. the economy is in the early stages of transforming from predominantly agricultural to industrial production
e. societal preference for income inequality
E
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Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What is the value of the average propensity to save equal when real disposable income equals $14,000?
A) 1.1 B) 0.91 C) 0.09 D) 0.7
The long-run supply curve for a competitive industry may be upward sloping if
a. there are barriers to entry. b. firms that enter the industry are able to do so at lower average total costs than the existing firms in the industry. c. some resources are available only in limited quantities. d. accounting profits are positive.