-Use the Above Table

question 62

Multiple Choice

-Use the above table. What percentage of income is received by the poorest 20% of the population?

• A) 20 percent
• B) 13.3 percent
• C) 11.1 percent
• D) 7.0 percent

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Definitions:

Inputs

Inputs are the resources such as labor, materials, and capital that are used in the production process to create goods and services.

Industry Entry

The process by which a new competitor or business enters into an industry, facing various barriers such as high startup costs, regulatory requirements, and competition.

Short Run

A period of time during which at least one of a firm's inputs is fixed and cannot be changed.

Normal Return

The minimum profit necessary to keep a company in business, equating to the opportunity cost of capital.