For U.S. data,
A) median incomes were about the same in 2001 as in 1967
B) median incomes had fallen from 1967 to 2001
C) the spread in incomes had widened some between 1967 and 2001
D) the spread in incomes had narrowed some between 1967 and 2001
Answer: C) the spread in incomes had widened some between 1967 and 2001
You might also like to view...
The prisoners' dilemma is a game in which
A) the dominant strategy for all participants is to choose a strategy that makes them all worse off. B) the dominant strategy is to cooperate. C) only one of the firms is able to make above-normal profits. D) each firm, in making decisions on the basis of its own self-interest, also makes decisions that benefit the group as a whole.
In a competitive industry
a. firms sell more if price is above marginal cost b. firms sell more is price is below marginal cost c. firms sell less if price is above marginal cost d. none of the above
A good is an inferior good if the consumer buys more of it when
a. his income rises. b. the price of the good falls. c. the price of a substitute good rises. d. his income falls.
(I) Differences in worker productivity are one major reason why individual earnings differ.
(II) Even if all workers were identical, differences in the desirability of jobs would still cause earnings differentials. a. I is true; II is false. b. Both I and II are false. c. Both I and II are true. d. I is false; II is true.