Members of the top quintile of income earners in every country today:
A. earn disproportionately more than those in the bottom quintile.
B. earn disproportionately less than they did 100 years ago.
C. earn disproportionately less than those in the middle quintile.
D. All of these are true.
A. earn disproportionately more than those in the bottom quintile.
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Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. An increase in the price of a soda results in a movement to a point such as
A) none of the points illustrated. B) b. C) c. D) d.
Court decisions aiming to resolve disputes by determining who in fact possesses contested legal rights
A) prevent any change from occurring. B) prevent undesirable changes from occurring. C) promote cooperation by clarifying and stabilizing expectations. D) substitute legal criteria for economic criteria and thereby create windfall profits and losses. E) substitute public-welfare criteria for private-interest criteria.
Politicians and economists who are generally conservative tend to believe that
a. the self-correcting mechanism is slow and unpredictable. b. the short-run Phillips curve is relatively steep. c. the costs of unemployment are high. d. expectations in reaction to policy measures are very slow to change.
If the simple quantity theory of money predicts well, what would we expect to see (in the real world)?
A) changes in the money supply strongly correlated with changes in interest rates B) changes in the money supply strongly correlated with changes in inflation rates C) changes in Real GDP strongly correlated with changes in the money supply D) changes in velocity strongly correlated with changes in the money supply E) none of the above