If every individual earned the same total income over his or her lifetime, there would still be observed inequality because:
a. people earn more in their youth
b. people earn more in middle age.
c. people earn more when they are very old.
d. of none of the above.
b
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Explain the relationship between marginal cost and average variable cost
What will be an ideal response?
Most industrial countries have adopted the regressive tax system
a. True b. False Indicate whether the statement is true or false
Increased government spending and tax cuts characterize
A) contractionary fiscal policy. B) expansionary fiscal policy. C) expansionary monetary policy. D) deflationary policy. E) none of the above
During a period of inflation, the Fed is likely to:
A. sell government securities to banks in order to reduce the amount of loanable funds. B. buy government securities from banks in order to reduce the amount of loanable funds. C. cut the discount rate to increase the affordability of loanable funds. D. cut the required reserve ratio in order to reduce the amount of excess reserves banks have to loan out.