A standard way to measure income mobility is to compare:
A. people's income at the beginning of their work-life to their income when they retire.
B. the education level of people to that of their parents'.
C. people's income to their parents' income.
D. None of these is a standard way to measure income mobility.
Answer: C
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Which of the following statements is FALSE?
A) The production possibilities curve shows the combinations of goods that can be consumed by a nation after trade and specialization begins. B) The production possibilities curve shows the combinations of goods that can be consumed by a nation before trade begins. C) The production possibilities curve shows the combinations of goods that can be produced by a nation after trade and specialization begins. D) The production possibilities curve shows the combinations of goods that can be produced by a nation before trading begins.
A firm earns a normal profit when its total revenues just offset both the ________ cost and ________ cost
A) accounting; opportunity B) accounting; replacement C) historical; replacement D) explicit; accounting
The kinked demand curve model is based on the assumption that each firm
A) considers its rival's output to be fixed. B) considers its rival's price to be fixed. C) believes rivals will match all price changes. D) believes rivals will never match price changes. E) none of the above
If a nation begins to export a good,
a. the domestic price of that good will decrease b. that country will typically erect barriers to trade c. domestic producers of the good will be harmed d. domestic consumers of the good will be harmed e. both domestic consumers and domestic producers will benefit