The richest fifth of U.S. households get nearly half of all U.S. income.
Answer the following statement true (T) or false (F)
True
The greatest share of income goes to the top fifth of households.
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In the specific factors model, a 0% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________
A) increase by less then 5%; increase; decrease B) increase by 5%; remain unchanged; remain unchanged C) increase by more then 5%; increase; remain unchanged D) remain constant; increase; increase E) remain constant; decrease; decrease
If the Friedman rule for long-term monetary policy were implemented, the result would be
A) inflation. B) neither inflation nor deflation. C) deflation. D) hyperinflation.
Which of the following are considered market failures?
A. Monopoly. B. Externalities. C. The lack of public goods and services. D. All of the choices are considered market failures.
According to Classical economists, if the quantity of labor supplied exceeds the quantity demanded, there is a
A. shortage of labor and wages will fall. B. surplus of labor and wages will fall. C. surplus of labor and wages will rise. D. shortage of labor and wages will rise.