Median wealth in the United States in 2010:
A. was about the same as in 1995.
B. had grown by about 8 percent since 1995.
C. was nearly 8 percent lower than in 1995.
D. was about $84,000.
Answer: C
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A tax on a good has a deadweight loss if
a. the reduction in consumer and producer surplus is greater than the tax revenue. b. the tax revenue is greater than the reduction in consumer and producer surplus. c. the reduction in consumer surplus is greater than the reduction in producer surplus. d. the reduction in producer surplus is greater than the reduction in consumer surplus.
In Figure 27.2, profit regulation will lead the natural monopoly to produce
A. QB and charge PB. B. QC and charge PD. C. QA and charge PA. D. QC and charge PC.
The reason for the Fed being set up as an independent agency of government is to
A. allow it to earn profits like private firms. B. make it be managed and controlled by member banks. C. protect it from political pressure. D. let it be able to compete with other financial institutions.
Which of the following holds true in a circular flow diagram?
A) Income flow are represented by drawing an arrow from the household sector to firms. B) Factor flows are represented by drawing an arrow from the firm sector to the household sector. C) Production flows are represented by drawing an arrow from the firm sector to the household sector. D) Expenditure flows are represented by drawing an arrow from the firm sector to the household sector.