Average income for adults still varies widely across gender and racial groups in the United States, which tells us:
A. discrimination causes differences in income across race and gender groups.
B. income is correlated with race and gender.
C. race and gender differences cause differences in income.
D. All of these are true.
Answer: B
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Over the last 100 years in the United States, unemployment reached its highest rate
A) in the 1920s. B) in the 1930s. C) in the 1980s. D) in the 1970s.
According to the natural rate hypothesis, if the economy begins at full employment with an unemployment rate of 5 percent and then the inflation rate increases from 2 percent to 4 percent, then the economy will
A) not see any lower unemployment, even temporarily, just higher inflation. B) have lower unemployment but then return to its natural rate with an inflation rate of 4 percent. C) eventually return to its natural rate of 2 percent inflation and its natural unemployment rate of 5 percent. D) eventually return to its natural rate of 2 percent inflation and a new lower unemployment rate. E) stay at the 4 percent inflation rate and the natural unemployment rate will fall.
Which of the following would increase disposable personal income?
A) a decrease in taxes paid B) a decrease in personal income C) a decrease in transfer payments received D) All of the above would increase disposable income.
Goods X and Y are complementary goods. An increase in the price of good X has occurred. In the market for good Y this will lead to
A) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.