According to your textbook, which best explains the fact that income inequality has increased in the U.S. since 1980?
A) A growing distrust of the efficacy of federal government spending programs combined with a rising concern over federal budget deficits
B) A widening gap between the wages of skilled and extensively-educated workers and the wages of those with fewer skills and less education
C) The impact of cheaply-produced and low-priced foreign imports
D) Government deregulation of business
B
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If the elasticity of demand for cigarettes is 0.4, then an increase in the price of a pack of cigarettes from $5.00 to $6.00 would reduce quantities demanded by about
a. 7 percent. b. 40 percent. c. 42 percent. d. 220 percent.
Goods that are not rival in consumption include both
a. private goods and common resources. b. club goods and public goods. c. common resources and public goods. d. private goods and club goods.
The proportion of the U.S. population below the poverty line
A. rises with upturns of the business cycle. B. has declined, though somewhat erratically, over the past 40 years. C. has been virtually eliminated by a vigorous "War on Poverty." D. covers roughly 20% of the same people year after year.
Refer to the below table. What percentage of households made $35,000 or more?
A. 23
B. 35
C. 65
D. 77