Which of the following is true of the relationship between income inequality and public policy in the U.S. since the 1980s?
A. Public policy has been more favorable to those at the high end of the income distribution resulting in an increase in income inequalities.
B. Public policy has been less favorable to those at the high end of the income distribution resulting in a decrease in income inequalities.
C. Public policy has been more favorable to those at the low end of the income distribution resulting in an increase in income inequalities.
D. Public policy has been less favorable to those at the low end of the income distribution resulting in a decrease in income inequalities.
Answer: A
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A graph can be used to illustrate the relationship between the price of compact discs and the quantity of compact discs demanded. If there is evidence that buyers' income also influences the demand for compact discs, then a movement along the curve can be caused by a change in the price of compact discs
a. True b. False Indicate whether the statement is true or false
An annually balanced budget
A. is the same as a cyclically balanced budget. B. is opposed by many economists because it would require cutting spending and raising taxes during recession, which might very well produce a depression. C. requires a constitutional amendment. D. requires the Congress and the President to approve special legislation authorizing the balanced budget.
To allow heuristic models to provide us with a better understanding of economic problems, it is important to:
A. increase the amount of vocabulary in your model. B. empirically test your data. C. always stick with the deductive method. D. never bring mathematics into the model.
If Maria spends a fixed dollar amount per week on movie rentals regardless of changes in the price, Maria's demand for movie rental can be considered:
A. elastic. B. unit elastic. C. inelastic. D. There is not sufficient information to determine the price elasticity.