Which of the following is true about the distribution of income in the U.S. in the last three decades?
A) For much of this period real wages paid to college graduates have risen significantly.
B) Real wages paid to blue-collar workers have grown only slightly.
C) There has been a shift in the distribution in income across various segments of the economy, with the real earnings of the richest in America rising to record levels.
D) All of the above are true.
D
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One difference between moral hazard and adverse selection is
a. Moral hazard has to do with unobservable characteristics of individuals b. Adverse selection has to do with unobservable actions of individuals c. Adverse selection occurs when individuals least appropriate for positions are most likely to apply for them d. Adverse selection is when you choose the wrong answer on a test
The upward-sloping part of the long-run average total cost curve is a result of: a. economies of scale
b. diseconomies of scale. c. constant returns to scale. d. diminishing marginal returns.
How much is induced consumption at a disposable income of 3000?
The difference between new classical theory and new Keynesian theory is that
A) in new classical theory wages are assumed to be flexible, and in new Keynesian theory wages are assumed to be somewhat inflexible. B) in new classical theory wages are assumed to be somewhat inflexible, and in new Keynesian theory wages are assumed to be flexible. C) adaptive expectations is the dominant expectations theory in new classical theory, and rational expectations is the dominant expectations theory in new Keynesian theory. D) in new Keynesian theory the short-run aggregate supply curve is vertical, and in new classical theory the short-run aggregate supply curve is upward sloping.