Economist Timothy Smeeding reported that income inequality
A. seems to increase whenever it is studied scientifically.
B. was higher in the U.S. than in any of the European countries studied.
C. was lower in the U.S. than in any of the European countries studied.
D. was roughly the same in both the U.S. and in the European countries studied.
Answer: B
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Ceteris paribus, which of the following will cause the demand curve for basketballs to shift to the left?
A.) The cost of producing basketballs increases. B.) Consumer incomes increase. C.) Parents decide soccer is a better sport for their children than basketball. D.) People become more interested in basketball as more football players are arrested for drugs.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
If supply increases, then quantity demanded decreases
a. True b. False
The following economy produces two products.ProductsProduction Possibilities?ABCDEFSteel012345Wheat100907555300Refer to the above table. A change from possibility C to B means that:
A. 1 unit of steel is given up to get 15 more units of wheat. B. 1 unit of steel is given up to get 75 units of wheat. C. 2 units of steel are given up to get 75 units of wheat. D. 2 units of steel are given up to get 15 more units of wheat.