The top _____% of U.S. households earn more than half of the country's income.
A. 10
B. 40
C. 30
D. 20
Answer: D
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Suppose a constitutional amendment is passed that mandates a balanced federal budget every year and the President and Congress consistently carry this mandate out. This would be an example of
A) active policy making. B) decisive policy making. C) nondiscretionary policy making. D) cooperative policy making.
According to the rational expectation view, does the government have the ability to control the level of real output and unemployment? a. Only in the SR and only if it makes unexpected changes in aggregate demand
b. Only in the SR and only if it announces plans well in advance, so that expectations are affected. c. Only in the LR and only if it shifts AS instead of AD. d. Only in the LR and only if it uses monetary policy instead of fiscal policy.
When free international trade takes place, in accordance with a country's comparative advantage,
a. producers in export industries are likely to favor it because they sell a larger quantity at identical prices b. producers in export industries are likely to oppose it because they sell a larger quantity, which lowers prices in accordance with the laws of supply and demand c. producers in import industries are likely to favor it because they sell a larger quantity at only slightly depressed prices d. export industry workers are likely to favor it, import industry workers are likely to hate it e. consumers are likely to be of two minds: they hate the more expensive import goods, but they love the cheaper export goods
If unskilled labor is relatively plentiful and cheap in many foreign countries, then as the United States expands its trade with these foreign countries, the domestic demand for
a. both skilled and unskilled labor will rise proportionately. b. skilled labor will fall and the demand for unskilled labor will rise. c. skilled labor will rise and the demand for unskilled labor will fall. d. both skilled and unskilled labor will be unaffected, assuming no barriers to free trade.