Economists who study economic mobility have found that the income of a grandfather and his grandson's income are
a. not closely related.
b. negatively related.
c. directly related.
d. equal.
a
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Suppose there are 20 competitive firms in a market. The supply curve of each firm is q = 2p. The market demand is Q = 200 - 2p. What is the residual demand curve facing a typical firm?
What will be an ideal response?
Under perfect competition, if an industry is characterized by positive economic profits in the short run
a. firms will leave the market in the long run and the short-run supply curve will shift outward. b. firms will enter the market in the long run and the short-run supply curve will shift outward. c. firms will enter the market in the long run and the short-run supply curve will shift inward. d. firms will leave the market in the long run and the short-run supply curve will shift inward.
The U.S. experience with expansionary measures from 1930 to 1945
a. repudiated the pump-priming theory. b. verified the pump-priming theory. c. repudiated the multiplier theory. d. repudiated the deficit-spending theory.
Pollution taxes are more efficient in cleaning up the environment than direct controls. What is not an advantage of direct controls?
A. They are useful standby mechanisms. B. They are useful if it is decided to prohibit the substance altogether. C. They are useful where dependable metering devices are not available or prohibitively costly to install. D. They are most useful in centrally planned economies.