In the United States the poorest 20 percent of households receive about ________ of total income
A) 1 percent
B) 4 percent
C) 10 percent
D) 15 percent
B
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In explaining the evolution of money
A) government regulation is the most important factor. B) commodity money, because it is valued more highly, tends to drive out paper money. C) new forms of money evolve to lower transaction costs. D) paper money is always backed by gold and therefore more desirable than checks.
Assume a central bank follows a rule that requires it to take steps to keep the price level constant. If the price level fell because of a decrease in aggregate demand and an increase in aggregate supply that kept output unchanged, then
a. the central bank would have to decrease the money supply which would decrease output. b. the central bank would have to decrease the money supply which would increase output. c. the central bank would have to increase the money supply which would decrease output. d. the central bank would have to increase the money supply which would increase output.
Economists estimate that the total lag for monetary policy is about:
A. 1-2 days. B. 2 weeks to 1 month. C. 3-12 months. D. 2-4 years.
The owners of sports franchises often complain that free-agency (open bidding for player services) threatens their profitability and thus their long-run viability. Given your knowledge of perfect competition, which of the following is correct?
A) Team owners might be correct in as much as free-agency bids up the price of players so that economic profits from those players equal zero. B) Team owners might be correct in as much as free-agency bids up the price of players so that economic profits from those players is negative. C) Team owners are lying, as free-agent salaries are still much too low. D) Team owners are telling the truth, as free-agent salaries are much too high.