Which of the following statements is true of income inequality in the U.S. economy?
A) Inequality in the U.S. economy had increased throughout the 20th century.
B) Inequality in the U.S. economy had decreased throughout the 20th century.
C) Inequality in the U.S. economy is now less than what it was in the year 1950.
D) Inequality in the U.S. economy is now higher than what it was in the year 1950.
Answer: D) Inequality in the U.S. economy is now higher than what it was in the year 1950.
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Which of the following describes actual trends in the U.S. labor force participation rate?
A) The labor force participation rate of adult men has risen since 1950. B) The labor force participation rate of adult women has risen since 1950. C) The labor force participation rate of adult men not in school, but too young to retire has risen since 1950. D) The labor force participation rate of adult women has fallen since 1950. E) The labor force participation rate of all adults has fallen since 1950.
Information asymmetry means: 0-
A. people have good enough information to make acceptable choices, but not complete information. B. complete information is not possible to obtain. C. the lack of information in a market prevents it from existing. D. a situation in which one person knows more than another.
Suppose the demand curve for a good is highly elastic and the supply curve is highly inelastic. If the government taxes this good,
a. buyers and sellers will each share 50 percent of the burden, regardless of the elasticities of the demand and supply curves. b. sellers will bear a larger share of the tax burden. c. the distribution of the burden will depend upon whether the buyers or the sellers are required to send the tax to the government. d. buyers will bear a larger share of the tax burden.
If the price of gasoline increases, what will be the impact in the market for public transportation?
A) The demand curve for public transportation shifts to the right. B) The quantity of public transportation demanded increases. C) The demand curve for public transportation shifts to the left. D) The quantity of public transportation demanded decreases.