3 Economics Questions for free

timer Asked: Nov 6th, 2013

Question Description

I’m working on a exercise and need support.

New to this and my very first post.  I just need help with 3 questions.  Please help.

Suppose that we compare shares of income earned by different U.S. groups by dividing all households into five groups. Which of the following statements about the income distribution in the United States is correct? A. Shares of income increase as we move from the lowest quintile to the highest quintile.

B. Shares of income remain roughly constant as we move from the lowest quintile to the highest quintile.

C. Shares of income decrease as we move from the lowest quintile to the highest quintile.

D. none of the above

An equilibrium in the labor market is a situation in which

a.  There is no unemployment.

B.  Marginal revenue product equals the wage.

C.  Wages exceed minimum wage.

D.  There is no pressure for wages to change.

When wages increase the income effect of labor supply _______ the quantity of labor supplied because

A.  increases; the price of leisure has increased.

B.  reduces; workers acquire more of all normal goods when income increases.

C.  reduces; the price of leisure has increased.

D.  increases; the value of working has increased.

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