Which of the following is a major reason for the growing income inequality in the United States since 1975?
A. Higher marginal tax rates
B. Unemployment benefits
C. Rising number of skilled workers
D. Import competition
D. Import competition
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One goal of rate-of-return regulation is the prevention of
A) free market entry. B) positive economic profits. C) poor quality service. D) environmental degradation.
A depreciation of the U.S. dollar against foreign currencies tends to __________ U.S. net exports and shift the U.S. AD curve to the __________
A) raise; right B) raise; left C) lower; right D) lower; left
Comparative advantage is defined as
A) the ability to produce more output of one good relative to another good than another country can. B) the ability to produce more output from given inputs of resources than others can. C) the ability to use more input of resources than others can. D) having a lower average fixed cost in the production of a good than does someone else.
On a graph of real gross domestic product over time, recessions appear as
A. relatively short and shallow drops on an otherwise increasing path. B. the dips on a path that increases and decreases equally. C. the periods where the rate of grow, while still positive, slows. D. long, sharp declines on an otherwise increasing path.