The longer the time period considered, the greater the mobility within an income distribution
a. True
b. False
Indicate whether the statement is true or false
True
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The following are hypothetical exchange rates: $1 = 140 yen; 1 Swiss franc = $0.10. We can conclude that ________.
A. 1 yen = 14 Swiss francs B. 1 yen = 280 Swiss francs C. 1 Swiss franc = 14 yen D. 1 Swiss franc = 28 yen
In the above table, the working age population is
A) 225 million. B) 100 million. C) 140 million. D) 155 million.
Which statement concerning President Nixon's wage and price controls is not true?
a. They were designed to control inflation . b. As soon as they were lifted, their impact on the economy proved to be ineffective. c. They prohibited wage and price increases for 90 days. d. They were voluntary. e. They distorted free market signals.
When does a shortage occur?
a. When price is less than equilibrium price. b. When goods are scarce. c. When quantity demanded is less than quantity supplied. d. When quantity demanded exceeds quantity supplied at the equilibrium price. e. When some of the people who need the product are not willing and able to buy it at the equilibrium price.