In the United States, the wealthiest 10 percent of households earns approximately what share of total income?
A. 5%
B. 80%
C. 30%
D. 10%
E. 50%
Answer: C
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Figure 32-2
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Suppose that Figure 32-2 shows the effects of reducing the budget deficit by raising taxes. If authorities do not want real GDP to fall, monetary policy must
A. become sufficiently more expansionary to restore the aggregate demand curve to D0D0. B. contract aggregate demand to be consistent with deficit-reducing fiscal policy. C. not lower interest rates and thwart the goal of a balanced budget. D. become more contractionary to lower the interest rate and spur investment.
The residual demand curve is
A) the market demand minus the supply of other firms. B) the remaining demand after the market clears. C) the market demand minus the supply of one firm. D) the long-run demand for a market.
Assume Roger's income to spend on books and movie tickets is $48, and his budget constraint is represented by line B. What would cause his budget constraint to move to A?
A. Roger gets a raise at work.
B. Roger gets unlimited coupons for $2 off the price of a movie ticket.
C. The price of movie tickets increases to $8.
D. None of these changes would cause Roger's budget constraint to move from B to A.
Knowing how to translate between present and future value can be useful when:
A. the benefits and opportunity cost occur at different times. B. there are benefits and costs occurring at the same time. C. the current costs are higher than the present benefits. D. there are no benefits and costs.