Based on the table showing income inequality in the United States, the proportion of income earned by the lowest fifth of Americans was greatest in ______.
a. 1935
b. 1950
c. 1960
d. 1970
d. 1970
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The advantage of a system of fixed exchange rates over one where exchange rates are flexible is that
a. the government gains more control over the economy. b. floating exchange rates impose risks on importers and exporters from unpredictable exchange rates. c. exchange controls become unnecessary. d. fiscal and monetary policy can focus more on domestic conditions.
If the Fed responds to an initial increase in aggregate demand by increasing the quantity of money...
What will be an ideal response?
The economy’s self-correcting mechanism
A. tends to push unemployment toward a specific point called the natural rate of unemployment. B. works better at correcting inflationary gaps than recessionary gaps. C. cannot work if the Phillips curve is vertical. D. ensures that the economy will not have to endure a long period of high unemployment.
The short-run aggregate supply curve in modern Keynesian analysis is
A) downward sloping. B) horizontal. C) vertical. D) upward sloping.