Table 20-8 Source: U.S. Bureau of Census

question 422

Multiple Choice

Table 20-8 Source: U.S. Bureau of Census
-Refer to Table 20-8. Comparing data from 2000 and 2011, which of the following statements is correct?

• A)The bottom 40% of the population had a greater share of the income in 2011 than it did in 2001.
• B)The top 40% of the population had a greater share of the income in 2011 than it did in 2001.
• C)The middle 60% of the population had a greater share of the income in 2011 than it did in 2001.
• D)All of the above are correct.

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Definitions:

Short-run Cost Function

A representation of the total cost associated with production, considering some inputs are fixed.

Average Total Cost

The total cost of production divided by the number of units produced, including both fixed and variable costs.

Robot Hours

The amount of time robots are operational and performing tasks in place of human labor.

Cost-output Elasticity

Cost-output elasticity measures the responsiveness of the cost of production to changes in the quantity of output produced, indicating the scale economies in production.