Income inequality is
A. Often greatest in the poorest countries.
B. An issue because households in the lowest quintile receive more than their share of income.
C. Often greatest in the richest countries.
D. Not an issue in the United States because of the redistribution of income through the federal tax system.
Answer: A
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
"When countries specialize in producing the good in which they have a comparative advantage and then trade with each other, only the country with the absolute advantage gains"
Is the previous statement correct or incorrect? Briefly explain your answer.
The above figure shows the market for steel ingots. The optimal quantity of pollution
A) is 0 units. B) is 50 units. C) is 100 units. D) cannot be determined from the information provided.
If the euro becomes an international reserve currency, the EU may enjoy:
A. interest-free loans that finance trade deficits. B. high-interest loans that promote trade surpluses. C. interest-free loans that promote trade surpluses. D. high-interest loans that finance trade deficits.