Income mobility tells us:
A. the inflation rate associated with wages across all jobs in a country.
B. the inflation rate relative to the cost of living in a country.
C. how available the opportunity to better oneself is in the economy.
D. how likely people are to seek out opportunities to better themselves.
Answer: C
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If the required reserve ratio is 10 percent and the Fed buys a $5,000 security from a depository institution, the money supply: a. increases by $15,000. b. increases by $5,000
c. decreases by $5,000. d. increases by $50,000. e. decreases by $50,000.
Economists can evaluate the desirability of the distribution of income
a. True b. False Indicate whether the statement is true or false
After taking out a one year loan with an annual interest rate of 10 percent, Tommy pays $3,300 back to the bank. The principal of the loan must be ________ and the interest payment must be ________.
A. $3,300; $300 B. $3,000; $300 C. $300; $3,000 D. $300; $3,300
Answer the following statements true (T) or false (F)
1. Import tariffs benefit the consumers of the product involved. 2. If demand for a product is increasing, an import tariff is less restrictive than an import quota. 3. Export subsidies tend to hurt domestic consumers and benefit the foreign consumers. 4. A voluntary export restraint (VER) is similar to an import quota; except that the former benefits the foreign producers while the latter benefits the domestic producers. 5. Trade protection in most instances transfers wealth from consumers to domestic producers.