If a consumer is maximizing utility, she will purchase quantities of output to the point where the total utility per dollar spent on consumption is equal across all goods
a. True
b. False
Indicate whether the statement is true or false
False
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Movements up along a particular short run Phillips curve are not consistent with: a. Increases in aggregate demand
b. Movements up along the short run aggregate supply curve. c. Shifting inflationary expectations. d. Movements up along a particular short run Phillips curve are consistent with all of the above.
Income is more unequally distributed than wealth in the United States.
Answer the following statement true (T) or false (F)
Answer the following statement(s) true (T) or false (F)
1. Since the 1980s, the upper fifth of earners have seen their percentage of income drop. 2. Older people tend to have higher incomes than middle-aged and younger people. 3. Workaholics earn less than others with comparable skills. 4. Income inequality in the United States is worse than any other country. 5. Political and social conditions have decreased income inequality over the past couple of centuries.
The Farm Security Act of 1985 included a gradual reduction in government support prices.
Answer the following statement true (T) or false (F)