Which statement most accurately describes the distribution of income among US families?
a. In 2005, as in most of American history, poor people work on average many more hours than do high-income people.
b. The median real family income has remained about the same since 1970.
c. One of the most significant determinants of income inequality in the US has been the increase in demand for highly trained labor.
d. Earnings of married-couple families have grown more slowly than earnings of both male and female households with no spouse.
c. One of the most significant determinants of income inequality in the US has been the increase in demand for highly trained labor.
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With perfect price discrimination, the quantity of output produced by a monopoly is ________ the quantity produced by a perfectly competitive industry
A) greater than but not equal to B) less than C) equal to but not greater than D) not comparable to E) either greater than or equal to
According to the text, the growth of service sector employment in the US has contributed to
a. higher unemployment rates in the postwar period. b. a slowdown in the growth of real wages during the postwar period. c. reduced economic stability in the postwar period. d. an increase in the power and membership of unions. e. All of the above.
If a consumer is maximizing utility and then the price of Good A increases: a. the marginal utility from the consumption of Good A will fall
b. the marginal utility from the consumption of Good A will remain unchanged. c. the marginal utility per dollar spent on Good A will decrease. d. consumption of Good A will increase.
An increase in the labor force shifts the production possibility frontier inwards over time.
Indicate whether the statement is true or false.