The highest-income fifth of the U.S. population earns more than 50 percent of all income.
Answer the following statement true (T) or false (F)
True
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"The long-run Phillips curve is downward sloping." Is the previous statement correct or incorrect?
What will be an ideal response?
Someone who knows nothing about the relative quality of a $2 toothbrush and a $7 toothbrush, both available for sale, but chooses to buy the more expensive one, is probably
A) displaying an inelastic demand for toothbrushes. B) judging quality by price. C) violating the law of demand. D) wealthy enough not to care about prices.
What is the legal status of a cartel among firms in the United States?
What will be an ideal response?
Total government spending (federal, state, and local) sums to approximately:
A. 10 percent of the U.S. economy. B. 20 percent of the U.S. economy. C. 40 percent of the U.S. economy. D. one-half of the U.S. economy.