Which of the following statements is correct?
a. Less than three percent of families are categorized as poor for eight years or more.
b. In the United States, the grandson of a millionaire is much more likely to be rich than the grandson of an average-income person.
c. The majority of millionaires in the United States inherited their wealth.
d. Most workers have about the same income (adjusted for inflation) when they are young as when they are middle-aged.
a
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Economists refer to the talents, training, and education of workers as:
A. labor supply. B. physical capital. C. human capital. D. average labor productivity.
Economic growth is represented on the aggregate supply model by a
A) shift in the short-run aggregate supply curve to the left. B) shift in the long-run aggregate supply curve to the left. C) shift in the long-run aggregate supply curve to the right. D) shift in the short-run aggregate supply curve to the right.
The price elasticity of demand measures the extent to which the quantity demanded changes when
A) the price of the good changes. B) the price of a related good changes. C) the expected future price of a good changes. D) consumer preferences change. E) both the demand and supply of the good change.
Suppose Acme County Bank and Trust has $1 million in total deposits and the required reserve ratio is 10%. How many dollars is Acme allowed to use to seek profits?
A) 0 B) $100,000 C) $900,000 D) $1 million E) $10 million