Which of the following is not a correct statement about the distribution of income and wealth in the United? States?
A. If pension plans are added to measures of wealth comma it is clear that the majority of households have middle levels of wealth.
B. The United States is not close to perfect income equality comma as measured by the Lorenz cuve.
C. The share of money income received by the lowest quintile has increased significantly since World War II.
D. The share of total income received by the lowest quintile has not changed significantly since World War II.
E. All of the above answers are incorrect.
D. B.The share of total income received by the lowest quintile has not changed significantly since World War II.
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The above table gives the demand schedule for a single-price monopoly. If the marginal cost is $3, the profit maximizing output for the monopoly will be between
A) 1 to 2 units. B) 2 to 3 units. C) 3 to 4 units. D) 4 to 5 units. E) Exactly 5 units.
An individual who arranges for buyers and sellers to exchange securities and earns a commission in return is a
A) dealer. B) auctioneer. C) broker. D) underwriter.
An increase in the prices of ________ goods is unlikely to put downward pressure on a currency's nominal exchange rate
A) parity B) nontradable C) identical D) relative
Social Security was not designed to provide insurance against outliving one's retirement.
A. True B. False C. Uncertain