U.S. census data suggests that
A) income inequality has been increasing since 1980.
B) income inequality has been decreasing since 1980.
C) income inequality was nonexistent in the 1990s.
D) the percentage of families living below the poverty line has surged since the 1980s.
A
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Mary Jane is willing to babysit for $6 an hour. Her neighbor has asked her to babysit for $8 an hour. Assuming Mary Jane accepts the offer:
A. her accounting profit will be $8 per hour, and her economic profit will be $0 per hour. B. her economic rent will be $2 per hour. C. her consumer surplus will be $2 per hour. D. her economic profit will be $8 per hour.
To calculate GDP using the expenditure approach, in part it is necessary to
A) add imports and exports. B) add imports and subtract exports. C) add exports and subtract imports. D) subtract both exports and imports.
The "unfair-competition" argument might be cited by an American who believes that
a. almost every country has a comparative advantage, relative to the United States, in producing almost all goods. b. young industries should be protected against foreign competition until they become profitable. c. the American automobile industry should be protected against Japanese firms that are able to produce automobiles at relatively low cost. d. the French government's subsidies to French farmers justify restrictions on American imports of French agricultural products.
Tax cuts shift aggregate demand
a. right as do increases in government spending. b. right while increases in government spending shift aggregate demand left. c. left as do increases in government spending. d. left while increases in government spending shift aggregate demand right.