In the United States, the dramatic increase in government social spending since the mid-1960s has
a. made incomes less equally distributed
b. made incomes equally distributed
c. not greatly increased the money income share of the poorest fraction of the population
d. greatly increased the money income share of the richest fraction of the population
e. decreased the percentage of families in the lowest fifth
C
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Indicate whether each of the following transactions represents the purchase of a final good
1. The purchase of tires from Bridgestone by an automobile manufacturer? 2. The purchase of two new elementary school buildings by the state government? 3. The purchase of french wine by a US consumer? 4. The purchase of a new machine tool by the Ford Motor company?
For Adam Smith, commercial society is characterized by
A) private property rights. B) specialization in production. C) voluntary exchange. D) all of the above.
The quantity theory of money assumes that the velocity of money:
a. is constant. b. will rise if the money supply rises and fall if the money supply falls. c. will rise if the money supply rises, but it will not change if the money supply falls. d. will fall if the money supply rises, and it will rise if the money supply falls. e. will fall if the money supply rises, but it will not change if the money supply falls.
Which of the following taxes tend to make income distribution in the United States more equal?
a. sales (i.e., excise) taxes b. personal income taxes c. payroll taxes d. All of the above are correct.