Data on the distribution of income among individuals and families in the United States indicate that
a. the power of labor unions and corporations is the major determinant of income inequality.
b. the rich stay rich and the poor stay poor from one generation to another.
c. much of the inequality in annual income emanates from differences in education, age, hours worked, and family size.
d. the difference in annual income emanating from ownership of capital assets is the major source of economic inequality.
C
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If the government has a $100 million budget deficit, private saving is equal to $500 million, private investment is equal to $300 million, what is the value of the current account in equilibrium?
A) $100 million surplus B) $700 million surplus C) $100 million deficit D) $700 million deficit
Discretionary fiscal policy refers to:
A. any change in government spending or taxes that destabilizes the economy. B. the authority that the president has to change personal income tax rates. C. intentional changes in taxes and government expenditures made by Congress to stabilize the economy. D. the changes in taxes and transfers that occur as GDP changes.
A country temporarily producing a combination of 12 units of guns and 5 units of butter would be ________________ (outside/on/inside) the production possibilities curve.
If your wealth is held as currency or in checking accounts, or other assets that you can convert to money on short notice, your assets are considered to be
A) abundant. B) interest bearing. C) liquid. D) fast moving.