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.
B
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The exit of existing firms from an industry will very likely
A. shift the industry supply curve to the left. B. cause the market price to rise. C. eliminate the losses of existing firms in the industry. D. All of the responses are correct.
Draw a scatter diagram of the inflation rate and the interest rate. Describe the relationship
What will be an ideal response?
The branch of macroeconomics concerned with changes in the natural real GDP is the theory of
A) business cycles. B) economic growth. C) GDP gaps. D) unemployment.
The change in the purchasing power of dollar-denominated assets (such as cash holdings) is the
A) money effect. B) interest rate effect. C) asset effect. D) real balance effect. E) none of the above