Which of the following statements is true?
a. Income distribution in the United States has gotten progressively more unequal since 1929.
b. The Lorenz curve indicates the degree of discrimination in an economy.
c. The Lorenz curve indicates the degree of income inequality in an economy.
d. The richest 5% of Americans earn approximately half of the nation's income.
e. All of these.
c
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To what extent are homemaking and child-rearing accounted for in the government's GDP accounts?
A) Not at all B) Only to the extent that they are provided for pay C) Only to the extent that taxes are paid on them D) All homemaking and child-rearing are accounted for
Over time, overall responsibility for formulating monetary policy has become increasingly concentrated in the
A) Federal Reserve Bank of New York. B) Council of Economic Advisors. C) Federal Deposit Insurance Corporation. D) Federal Reserve Board of Governors.
For the buyer of a call option, the downside risk
A) is unlimited, but upside potential is limited. B) is limited, but upside potential is unlimited. C) and upside potential are unlimited. D) and upside potential are limited.
The incidence of a tax:
A. indicates how much of the tax burden is borne by suppliers. B. indicates how much of the tax burden is borne by consumers. C. indicates how much of the tax burden is borne by various market participants. D. depends upon the shape of the supply curve only.