If we compare income mobility in relative terms, we would measure whether a person's income:
A. is higher at the end of her career compared to the beginning.
B. is higher than her parents' income.
C. places her higher up in the income distribution than her parents' income.
D. rises with age for all people.
Answer: C
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In the aggregate expenditures model, we note that an increase in government purchases G and an increase in lump-sum taxes T of the same amount will have
A. essentially the same effect on equilibrium real GDP, both in magnitude and in direction. B. different effects on real GDP, with the change in G having a larger impact than the change in T. C. the same magnitudes of impact on equilibrium real GDP, though in opposite directions. D. different effects on real GDP, with the change in T having a larger impact than the change in G.
In the long run, the effect of a reduction in the money supply is to
A) decrease both the price level and real Gross Domestic Product (GDP). B) decrease real Gross Domestic Product (GDP) only. C) decrease the price level and increase real Gross Domestic Product (GDP). D) decrease the price level only.
Production indifference curves show the combination of inputs that produce a given output.
Answer the following statement true (T) or false (F)
Private initiative and financing were most important in
(a) the canal system of transportation. (b) the steamboat system. (c) the railroad system. (d) none of the transportation systems.