Compared to low-income families, a larger proportion of high-income families
a. is headed by a person with a college degree.
b. has both a husband and a wife who work full time.
c. is headed by a person between the ages of 35 and 64.
d. is all of the above.
D
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The producer surplus on a unit of a good is the
A) difference between the marginal social benefit and the marginal social cost. B) number of dollars' worth of other goods and services forgone to produce this unit of the good. C) difference between the price of the good and the marginal cost of producing the good. D) difference between the total cost of the good and the marginal cost.
As income increases during the recovery from a recession, automatic stabilizers will:
A. reduce taxes on high-income individuals and raise taxes on the poor, increasing economic inequality. B. increase taxes and decrease government spending, slowing the recovery. C. increase taxes and increase government spending, increasing the overall size of the government. D. reduce taxes and increase government spending, accelerating the recovery.
The opportunity cost of capital is
A. the rate of return that could be earned by the owner's capital were it used elsewhere. B. the rate of interest the government uses to calculate legal business tax penalties. C. the rate of return realized on an investment. D. the rate used to calculate a firm's tax liability.
Saving is always equal to:
A. planned investment less unintended increases in inventories. B. actual investment. C. planned investment. D. unintended changes in inventories.