Standard Census data on the distribution of income:
A. take all taxes and transfer payments into account.
B. are before taxes in that they do not account for personal income and payroll taxes.
C. include noncash transfers.
D. exclude cash transfers.
Answer: B
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In the simple circular flow model, total income in one nation must equal
A) the sum of wages, rents, interest and profits. B) the yearly amount earned by that nation's resources. C) the total monetary value of all final goods and services. D) All of the above are correct.
When the exchange rate for the Mexican peso changes from 10 pesos to the U.S dollar to 9 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________
A) appreciated; appreciated B) depreciated; appreciated C) appreciated; depreciated D) depreciated; depreciated
Who expressed this view? "Unlike the present period, (black) inner-city communities prior to 1960 exhibited the features of social organization—including a sense of community, positive neighborhood identification, and explicit norms and sanctions against aberrant behavior."
A. Charles Murray B. William Julius Wilson C. Mickey Kaus D. Lisabeth Schorr
An optimizing consumer will select the consumption bundle in which the marginal rate of substitution
a. is equal to the relative price ratio of the goods. b. exceeds the marginal utility of each good by the greatest amount. c. is less than the slope of the budget constraint. d. All of the above are correct.