Many argue the poor are getting poorer, at least in a relative sense. Evidence that contradicts this is that
A) household income of the lowest twenty percent of households relative to the highest twenty percent of households has fallen over the last thirty years.
B) the official poverty level of income has increased over the years.
C) household spending of the lowest twenty percent of households relative to the highest twenty percent of households has held constant over the last thirty years.
D) the pretax distribution of income is more equal than the after-tax distribution of income.
C
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New technological advancements, such as robots are
a. harmful because they put people out of work. b. helpful because they improve worker productivity. c. harmful because robots are likely to have electrical problems which could cause injuries to people. d. both a and c above.
The ______ arises when a price changes because consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price.
a. income effect b. substitution effect c. backward-bending supply curve d. preferences effect
Voluntary export restraints are illegal under international trading rules.
Answer the following statement true (T) or false (F)
Globalization is the increasing exchange of goods, services, ideas, and people within a country.
Answer the following statement true (T) or false (F)