The Share of the Bottom Fifth of the Population in Total

question 134

Multiple Choice

The share of the bottom fifth of the population in total income in the last two decades has:​

• A)decreased in the United States due to the growth of single-parent households.
• B)increased in the United States due to an increase in the employment opportunities available to them.
• C)decreased in the United States due to a decrease in their marginal productivity.
• D)increased in the United States due to an improvement in their level of education.
• E)decreased in the United States due to an increase in income tax rates.

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Definitions:

Total Cost

The complete cost of production, encompassing both fixed and variable costs.

Marginal Revenue

The incremental revenue acquired by a business upon selling one more unit of a good or service.

Average Variable Cost

The total variable costs divided by the quantity of output produced, indicating the average amount spent on variable costs per unit of output.

Variable Costs

Expenses that fluctuate in direct proportion to changes in production volume or activity levels, including costs like raw materials and direct labor.