Since 1980 the difference between the earnings of college graduates and high school graduates has:
A. fallen, thereby increasing income inequality.
B. increased, thereby increasing income inequality.
C. remained constant.
D. increased, thereby decreasing income inequality.
Answer: B
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The simple circular flow of income shows that the total income in an economy equals
A) all taxes paid by households. B) total expenditures. C) the total amount of money supplied by the government. D) total profits earned by firms.
According to new growth theorists, more technological improvements can be brought about by
A) the government taking a more active role in regulating industries. B) government policies that lead to increases in human capital. C) tougher immigration laws. D) a government policy that encourages increased consumption.
A third-party payment is
A. made by three people. B. a payment that requires three signatures. C. is made by someone other than the consumer. D. is not used in the U.S. health system.
Assuming peaches are a normal good and consumer incomes rise, producer surplus in the peach market:
a. increases. b. decreases. c. remains unchanged. d. equals the deadweight loss increase.