Data on income inequality in the United States indicate that
a. rich families stay rich and poor families stay poor.
b. most poor families never significantly rise above the poverty level, but rich families tend to become less wealthy over time.
c. there is substantial movement among income groupings in the United States.
d. the inequality between the rich and poor in annual consumption expenditures is greater than the parallel inequality in annual income.
C
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A customs union is a(n)
a. tax on an imported good b. union of similarly skilled workers c. group of countries that agree on common trade policies d. union of countries with similar customs e. agreement that affects intra-country trade
The recessionary gap of the 1990s in Japan led to decreases in the price level
a. True b. False Indicate whether the statement is true or false
In the perfectly competitive market, individual firms exert no effect on the market price. Therefore, the firm's marginal revenue is:
A. zero. B. an upward-sloping curve. C. a downward-sloping curve. D. the same as the firm's demand curve.
f the price of hairbrushes decreases by 20 percent, the quantity demanded increases by 2 percent. The price elasticity of demand is:
A. 0.1, and is elastic. B. 10 and is elastic. C. 0.1 and is inelastic. D. 10 and is inelastic.