The personal distribution of income measures which of the following?
A) the distribution of earnings by the factors of production
B) proportion of income generated by the four types of expenditures on goods and services
C) the distribution of income among households
D) the distribution of income among nations
E) how federal tax revenues are related to the type of businesses that employs the taxpayers
C
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According to the Federal Reserve, household wealth in the United States fell by more than $11 trillion in 2008
Predict the effect this decrease in wealth had on the equilibrium real wage and level of employment, and use a graph to support your answer.
The X-intercept of the budget constraint represents
a. how much of good Y can be purchased if no good X is purchased and all income is spent. b. how much of good X can be purchased if no good Y is purchased and all income is spent. c. total income divided by the price of X. d. b and c.
An argument for tariffs that has some validity is
a. the infant-industry argument. b. the leveling-the-playing-field argument. c. the retaining-money-at-home argument. d. All of these.
In a perfectly competitive market structure any firm can enter or leave the industry without serious impediments. This implies
A. firms will move labor and capital in pursuit of profit-making opportunities to whatever business venture gives them the highest return on their investment. B. consumers are able to find out about lower prices charged by other firms. C. the products sold will be alike. D. no one buyer or seller has any influence on price.