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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When total output, income, employment, and trade decline for 6 to 12 months, the economy is in what part of the business cycle?
What will be an ideal response?
What can we say about the employment of resources if the economy is at a point inside its production possibility frontier?
What will be an ideal response?
In the circular flow model, firms use the money they earn from selling their goods and services to pay for the
a. goods and services they buy on the product market b. resources they buy on the product market c. goods and services they buy on the resource market d. resources they buy on the resource market e. differences between the revenue they earn selling the goods and services and the costs involved in producing them
The budget deficit refers to how much has been borrowed:
a. in one particular year. b. over time. c. against Social Security. d. to pay interest on loans.