All of the following are examples of socioeconomic distribution of income except how much:
A. the young get relative to the old.
B. two-parent households get relative to single-parent households.
C. Black people get relative to white people.
D. the top 10 percent of a population gets.
Answer: D
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We can describe who bears the burden of a tax by using the concept of:
A. marginal burden. B. incidence. C. payee. D. marginal tax rate.
When price level in the United States rises,
a. there is a increased demand for borrowed money. b. producers' demand for new machinery increases, contributing to an increase in aggregate demand. c. Americans tend to buy more foreign goods and services. d. the French, Canadians, and Japanese would find our exports more attractive. e. to replenish the value of your real wealth, you would save less and consume more.
Which of the following events would cause an upward movement along the demand curve for olives? a. The number of people who purchase olives decreases
b. Consumer income decreases, and olives are a normal good. c. The price of pickles decreases, and pickles are a substitute for olives. d. The price of olives rises.
Suppose wheat farmers are price takers. If wheat farmers are currently making economic profits, over time we would expect that
a. existing wheat farmers would plant more acres of wheat. b. farmers growing other crops would switch some of their land from these crops to the growing of wheat. c. the wheat farmers will continue to earn economic profits because they would be driven out of business without such profit. d. both a and b are correct.