According to the Pew Charitable Trust methodology for identifying the middle class, for the period from 1971 to 2015, the middle class
A. decreased from 80% to 50% of the population.
B. increased from 50% to 80% of the population.
C. decreased from 80% to 71% of the population.
D. increased from 71% to 80% of the population.
Answer: C
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The payroll tax appears to be a proportional tax. In reality it is
a. highly progressive. b. actually proportional. c. highly regressive. d. regressive on low-income persons and progressive on high-income persons.
Suppose the economy was in equilibrium, and the national government increased spending by an expected amount equal to $200 billion. Monetarist theory would predict that:
a. Aggregate demand will rise, causing only real GDP to rise. b. The real risk-free interest rate will rise, but real GDP will remain the same. c. Aggregate demand will fall, and real GDP will fall. d. Aggregate demand will rise causing only prices to rise. e. Aggregate demand will rise causing both prices and real GDP to rise.
A government agricultural policy that restricts output by limiting the number of farm acres that can be used to produce a particular crop is the
A) marketing quota system. B) acreage allotment program. C) price support program. D) target price system. E) paying farmers not to produce system.
The wage a person requires before accepting a job is referred to as the ________ wage.
A. compensating B. reservation C. psychological D. minimum