If substantial income mobility is present,
a. there is considerable movement of individuals up and down the income ladder when income comparisons among the same individuals or households are made at different points in time.
b. annual income data are an accurate indicator of the long-term economic status of individuals and families.
c. the rich tend to stay rich and the poor tend to stay poor.
d. individuals and families move quite often among the geographic regions of a country but not among income groups.
A
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Which of the following results in the superstar effect?
a. An increase in the minimum wage for sports stars b. A decrease in the demand for televisions c. A technological improvement due to which a baseball game can be broadcast across the world d. A rise in the unemployment rate in the service sector of an economy e. A decline in the returns to capital in an economy
Okun's Law posits a relationship between which two variables?
Select one: a. The interest rate and real GDP b. The unemployment rate and inflation c. The unemployment rate and real GDP d. The unemployment rate and the interest rate
A government spending and taxation policy to achieve macroeconomic goals is known as:
A. countercyclical policy. B. fiscal policy. C. monetary policy. D. a balanced budget.
The main reason our current account deficit is so large is that
A. we are running huge merchandise trade deficits. B. we are running huge federal budget deficits. C. we are allowing too much foreign investment in the United States. D. we are investing too much abroad.