Since 1960 the distribution of income in the United States has
A. become more equal.
B. become less equal.
C. remained about the same.
B. become less equal.
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Rent seeking is best defined as attempts
A) by landlords to get tenants. B) to achieve monopoly power and the resulting economic profit. C) by individuals to avoid paying taxes. D) by owners of a monopoly to sell the firm.
A country is categorized as a low-income economy by the World Bank if its per capita income is below:
a. $1,000. b. $100. c. $10,000. d. $50. e. $5,000.
Which of the following is true of a production function?
A. It specifies the expenses a firm can incur as a result of a production process. B. It specifies the maximum feasible output that can be produced for given amounts of inputs. C. It specifies the maximum revenue that a firm can generate by selling its output. D. It specifies the amount of goods that can be purchased in a market at a given price.
A higher real interest rate ________ saving and ________ consumption spending.
A. increases; decreases B. does not change; does not change C. increases; increases D. decreases; increases