Which of the following would be evidence of an increase in income inequality over time in the United States?
A. An increase in the percentage of total household income received by the lowest quintile
B. An increase in the percentage of total household income received by the highest quintile
C. An increase in the percentage of total household income received by the four lowest quintiles
D. A decrease in the percentage of total household income received by the highest quintile
B. An increase in the percentage of total household income received by the highest quintile
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For a risk-averse individual, as wealth increases, total utility
A) increases at a decreasing rate. B) increases at a constant rate. C) increases at an increasing rate. D) is constant.
Generally, expenses on a sport utility vehicle are a large part of a consumer's budget, so the demand for sport utility vehicles is more likely to be
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
A significant advantage to being a member of a trade bloc is
A) higher tariff collections from member countries. B) reduced or eliminated tariffs among member countries. C) reduced tariff rates only for the largest member countries. D) None of the above; there is no economic advantage to a trade bloc.
Discuss the tools of the Federal Reserve and explain how each can be used to change the money supply and equilibrium interest rate
What will be an ideal response?