Since World War II, the share of total income going to the bottom 20 percent of U.S. households has
A) fallen by 20 percent.
B) increased by 10 percent.
C) remained constant.
D) more than doubled.
Answer: D
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Which of the following statements is positive?
A. Higher taxes are needed to support education. B. Large budget surpluses should be avoided. C. A tax cut that benefits high-income households is acceptable. D. Tax increases tend to discourage saving.
A fiscal policy action to close an expansionary gap is to:
A. increase the marginal propensity to consume. B. increase transfer payments. C. increase government purchases. D. increase taxes.
A bond is
A) a debt instrument, that is, the issuer has taken out a loan. B) an equity instrument, that is, the buyer has purchased ownership in the issuer's firm. C) the same thing as a stock. D) a short-term loan from the government.
A monopolist is
A) a firm with the largest annual sales in a country. B) a single supplier of a good for which there is no close substitute. C) a large firm that makes all the other firms in the industry do what it wants. D) a supplier of a good that everyone needs with the result that it makes large profits.