Since 1975, the distribution of household income in the United States has:
A. Moved toward greater inequality
B. Moved toward greater equality
C. Remained about the same
D. Fluctuated considerably
A. Moved toward greater inequality
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The beginning of the formal budget process is signified by:
a. in the form of the Economic Report of the President b. in a report followed shortly by the Economic Report of the President. c. at the beginning of the fiscal year. d. in a report that should be voted up or down within 60 days. e. in a report that requires a two-thirds vote for ratification.
Which of the following is not one of the ways that antitrust laws promote competition?
a. Antitrust laws allow the government to prevent mergers. b. Antitrust laws allow the government to break up companies into smaller ones. c. Antitrust laws prevent companies from coordinating their activities in ways that make markets less competitive. d. Antitrust laws allow the government to shut down any firm the government believes has monopoly power.
Professor Cowen suggests that gift-giving can create value for each of the following reasons EXCEPT:
A. gift-giving can lower search costs. B. some gifts are given for paternalistic reasons. C. gifts can signal our values or intentions. D. the cost of the gift for the recipient is zero.
The consumer price index:
A. is always 100 in the final year of measurement. B. helps us understand why the cost of living today compares with the cost of living at some time in the past. C. measures the increase in the cost of the market basket relative to the cost in a given base year. D. is a perfect measure of how prices change for all goods and services in the economy.