Which of the following is part of gross private domestic investment?
A. a decline in consumer debt
B. purchases of pizza pie for a family dinner
C. a positive change in business inventories
D. purchases of stocks and bonds
Answer: C
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According to the textbook, income inequality statistics can be misleading because
A) they are collected by the Census Bureau, whose objectivity cannot be trusted. B) they ignore the income mobility of individual families and households through time. C) they do not take into account inflation. D) they fail to be of use in policy proposals and debates.
As economies develop, more jobs will require more education and training. What effect will this have on the labor market of 18 to 24 year olds?
a. The demand for workers ages 18 to 24 years old will decrease as more young people go to school. b. The supply of workers ages 18 to 24 years old will decrease as more young people go to school. c. The demand for workers ages 18 to 24 years old will increase as more young people go to school. d. The supply of workers ages 18 to 24 years old will increase as more young people go to school.
The authors of the text suggest that a comprehensive personal income tax with few loopholes would be efficient and equitable. What is their reasoning for this statement?
The market demand for an item is
a. the sum of individual demands. b. steeper for any given price change than the individual demand curves. c. independent of the number of individuals in the market. d. determined by dividing the quantity demanded by each individual by the number of individuals in the market.