"Over the past two decades, the distribution of income in the United States has become more equal." Is the previous statement or in? Briefly explain your answer
What will be an ideal response?
The statement is incorrect. In recent years, higher income groups have gained relatively more than the lower income groups. The Gini ratio has increased, which means that the share of income going to the richest households has increased and the share of income going to the poorest households has decreased.
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Answer the next question based on the given supply and demand data for wheat.Bushels Demanded Per monthPrice per BushelBushels Supplied Per Month45$57750473563686126167157If the price in this market was $4
A. the market would clear; quantity demanded would equal quantity supplied. B. there would be a shortage of wheat. C. buyers would want to purchase more wheat than is currently being supplied. D. farmers would not be able to sell all their wheat.
For a firm, marginal revenue minus marginal cost is equal to
a. profit. b. average total cost. c. change in profit. d. change in average revenue.
If an economy keeps increasing its capital stock, then over time its production possibilities curve will:
A. not move. B. shift to the left. C. shift to the right. D. disappear because scarcity ceases to exist.
Of the following demographic groups, which has the lowest poverty rate in the U.S.?
A. Families headed by a female with no husband. B. Families in which the "head of the household" has not attained a high-school education. C. Families headed by a male with no wife D. Families in which the "head of the household" has attained at least a bachelor's degree from a college or university.