The percentage of the population in the two lower income classes (defined by Pew as having less than 67% of median family income)
A. remained constant at 60% from the 1970s to 2015.
B. declined from more than 60% in the 1970s to 50% in 2015.
C. declined from more than 60% in the 1970s to 20% in 2015.
D. increased from the 1970s to 2015.
Answer: D
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Nations that borrow from abroad to support current consumption
A) will always be better off in the future. B) may sacrifice future consumption. C) will always sacrifice future consumption. D) will always sacrifice current consumption.
Moral hazard implies that
a. Insured individuals exercise less care because they have less incentive to do so b. Insured individuals exercise more care because they have less incentive to do so c. Insured individuals exercise more care because they have more incentive to do so d. Insured individuals exercise less care because they have more incentive to do so
Consider the labor market for short-order cooks. A labor-augmenting technological change such as a faster food processor will cause
a. both equilibrium wages and equilibrium employment to increase. b. both equilibrium wages and equilibrium employment to decrease. c. equilibrium wages to increase and equilibrium employment to decrease. d. equilibrium wages to decrease and equilibrium employment to increase.
Gary Becker and Kevin Murphy are among the economists who believe that social factors such as culture, customs, and religion do not explain the choices consumers make.
a. true b. false