The distribution of world income is ________ the distribution of U.S. income
A) more equal than
B) less equal than
C) the same as
D) not comparable to
B
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An increase in demand combined with no change in supply
A) raises the equilibrium price. B) lowers the equilibrium price. C) results in only a movement rightward along the demand curve. D) decreases demand because the supply curve does not shift.
As income rises ________
A) the number of transactions households and firms undertake should increase B) wealth also rises C) demand for real money balances should increase D) all of the above E) none of the above
If we consider the equation PAE = A + bY the independent part of the equation that depends on income is:
A. b B. Y C. A D. PAE
When government intervenes in the production process because external benefits exist, it typically attempts
A. to shift the market's demand curve to the left. B. to impose a tax on each unit produced. C. to shift the market's supply curve to the left. D. to shift the market's demand curve to the right.