Assuming all of the following people have the same education and experience, which one is likely to earn the highest wage, based on typical patterns in the United States?
a. Francine, who is single and has no children
b. Jeanne, who is married and has two children
c. Frank, who is single and has no children
d. John, who is married and has two children
d. John, who is married and has two children
Women with families and children are typically paid about 7% to 14% less than other women of similar education and work experience. Married men earn about 10% to 15% more than single men with comparable education and work experience. A gap remains between average wages for male and female workers. This means that, of these options, the married man will receive the highest pay.
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An increase in the price level ________ real wealth, which causes consumption to ________
A) lowers; decrease B) raises; decrease C) lowers; increase D) raises; increase
Which of the following observations regarding the Gini coefficient (G) is incorrect?
a. If G is one, the Lorenz curve would overlap the line of perfect income equality. b. If G is zero, it represents perfect income equality c. If G is one, it represents perfect income inequality d. The closer G is to 1 the greater the degree of income inequality
Pillar(s) of the planned socialist economy:
a. State ownership b. Planned resource allocation c. Leading role of the party d. All of the above e. None of the above
In which of the following situations is it certain that the quantity of money demanded by the public will decrease?
A. Nominal GDP decreases and the interest rate decreases. B. Nominal GDP increases and the interest rate decreases. C. Nominal GDP decreases and the interest rate increases. D. Nominal GDP increases and the interest rate increases.