Based on the table showing income inequality in the United States, from 1950 to 1980, the distribution of income in the United States ______.
a. changed erratically
b. remained more or less stable
c. dramatically shifted to favor lower earners
d. dramatically shifted to favor higher earners
b. remained more or less stable
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The most important factor contributing to wage differences in the labor market is differences in the level of education and training among workers
Indicate whether the statement is true or false
The demand for labor is a derived demand. Employers hire workers until the
a. wage rate equals the average product of labor. b. wage rate equals the marginal revenue product of labor. c. last worker hired adds nothing to total output. d. average product of labor is zero.
Which of the following is not a result of a higher federal budget deficit?
A) a higher real interest rate B) a depreciation of the currency C) a fall in exports D) a fall in the price of foreign inputs
The impact of expansionary fiscal policy is weakened because of crowding out.
a. true b. false