By the third quarter of 2011, U.S. households had accumulated $6.2 trillion in housing equity, which represents about 11 percent of their net worth. What proportion of U.S. households own their home?
A. one-third
B. one-half
C. two-thirds
D. three-fourths
Answer: C. two-thirds
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The idea that two taxpayers in the same economic circumstances should pay the same level of taxes is known as the
A) vertical-equity principle. B) benefits-received principle. C) horizontal-equity principle. D) ability-to-pay principle.
One benefit to private sector production of a collective consumption good is _____
a. it overcomes the free riding problem b. private producers can often bundle the good with something else people value c. profits from private companies can be taxed d. provides information valuable in allocating future resources
If people in the United States buy more of a foreign good when its price falls, then
A) the demand curve for U.S. dollars will slope up. B) the supply curve for U.S. dollars will slope up. C) the exchange rate will increase when there is inflation. D) fixed exchange rates will make foreign exchange markets more efficient.
An individual labor-demand curve represents:
A. the decisions of all firms around how many hours to work at each alternative wage. B. the decisions of all workers around how many hours to work at each alternative wage. C. a worker's decisions around how many hours to work at each alternative wage. D. a firm's decisions around how many hours to hire at each alternative wage.