Answer the following statement(s) true (T) or false (F)
1. Happiness decreases with higher income.
2. Most economists believe countries should vigorously pursue policies of income
redistribution for equality.
3. Total equality of family income would hurt people with small families the most.
4. Women now comprise more than half of the labor force.
5. Wage disparities between white and black workers are attributed solely to racism by
most economists.
1. FALSE
2. FALSE
3. FALSE
4. FALSE
5. FALSE
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In explaining their relative income status, either poor families don't work enough, or are paid too little
Indicate whether the statement is true or false
What would be the likely result of a recessionary gap? If this leads to a fall in the nominal wage what impact it would have on the aggregate supply curve and on recessionary gap?
The following graph depicts demand. 
At point A, demand is:
A. unit elastic. B. inelastic. C. elastic. D. perfectly elastic.
What is the crucial difference between inflation generated on the demand side versus inflation generated on the supply side?
A. Demand-side inflation is short-lived, while supply-side inflation lasts for a long time. B. Demand-side inflation leads to budget surpluses, while supply-side inflation contributes to budget deficits. C. Supply-side inflation is subject to the control of policymakers, while demand-side inflation is beyond their reach. D. Demand-side inflation is normally accompanied by rising real GDP, while supply-side inflation may be accompanied by falling real GDP.