Median household income in the United States has increased from $38,771 in 1967 to $51,017 in 2012. Based only on this fact, we can conclude that
A) Inequality is increasing in the United States.
B) Inequality is decreasing in the United States.
C) Inequality is not changing in the United States.
D) We cannot conclude anything about inequality in the United States without more information.
D
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If the market price of a perfectly competitive firm's product is below its average variable cost, then the firm's
A) marginal revenue is zero. B) total revenue is as large as possible. C) total revenue if it stayed open would be less than its total variable costs. D) total revenue if it stayed open is less than its total cost but greater than its total fixed costs.
We benefit from trade if we are able to obtain a good from a foreign country:
a. that has a very low domestic demand. b. the production of which requires a steady supply of unskilled labor. c. by giving up less of other goods than we would have to give up to obtain the good at home. d. by giving up more of other goods than we would have to give up to obtain the good at home. e. that has a substantial number of substitutes in the domestic market.
Automobile workers in Detroit are unemployed because robots are now being used on assembly lines but, at the same time, job vacancies exist for computer programmers. In this case, the automobile workers are an example of:
A. Cyclical unemployment. B. Structural unemployment. C. Frictional unemployment. D. Seasonal unemployment.
A monopolistically competitive industry has
A. many firms producing a differentiated product. B. many firms producing an identical product. C. a few firms producing a differentiated product. D. a few firms producing an identical product.