The percentage of the population in the two higher income classes (defined by Pew as having more than 200% of median family income)
A. declined from more than 60% in the 1970s to 50% in 2015.
B. increased from the 1970s to 2015.
C. remained constant at 60% from the 1970s to 2015.
D. declined from more than 60% in the 1970s to 20% in 2015.
Answer: B
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Which of the following is NOT a "flow" variable?
A) government debt B) consumption expenditure C) labor services D) income
By acting together, oligopolistic firms can hold down industry output, charge a higher price, and divide the profit among themselves. This is called:
a. a contract. b. associating. c. competition. d. collusion.
Goods produced for consumption in 2003 but remain unsold in 2003 become
a. intended inventories b. unwanted inventories c. aggregate expenditure d. transitory investment e. intended investment
If the price of labor increases, the typical perfectly competitive firm in the short run will
A) produce more output. B) hire less labor. C) hire the same labor and produce the same output. D) hire more labor.