Per capita income in the United States in 2010 was about:
A. $25,300 per person
B. $36,300 per person
C. $47,300 per person
D. $59,300 per person
C. $47,300 per person
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Which of the following government agencies oversees monetary policy in the U.S.?
a. The Federal Reserve System b. Congress c. The Treasury Department d. The Federal Trade Commission e. The Department of Commerce
The overall federal tax structure is
a. regressive because the average tax rate of those with low incomes is higher than the rate imposed on those with higher incomes. b. progressive because the average tax rate of those with high incomes is greater than the rate imposed on those with lower incomes. c. flat because the average tax rate is approximately constant across all income brackets. d. progressive for income levels up to approximately $100,000 but regressive for income levels above this figure.
Markets in which firms sell their output of goods and services are called:
a. Product markets b. Command markets c. Mixed markets d. Resource markets
When there is a great deal of inflation the Fed will
A. sell securities on the open market. B. buy securities on the open market. C. both sell and buy securities on the open market. D. not sell nor buy securities on the open market.