In the United States, the data on wealth concentrations is collected by the
A. University of Chicago for the Federal Reserve.
B. University of Michigan for the Federal Reserve.
C. Department of Economic Affairs.
D. United States Treasury Department.
Answer: B
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Economists assume people's tastes are identical
Indicate whether the statement is true or false
A demand schedule is a:
A. table which shows the quantities of a particular good or service that consumers are willing to purchase at various prices. B. graph which shows the quantities of a particular good or service that consumers are willing to purchase at various prices. C. table which shows the quantities of a particular good or service that consumers are willing to purchase at various income levels. D. line which shows the quantities of a particular good or service that consumers are willing to purchase at various prices.
What are the assumptions of the model of perfect competition? Explain why each is important for short-run and long-run equilibrium.
What will be an ideal response?
Suppose that population grows by 2 percent annually. For the standard of living to rise, which of the following must occur?
a. Nominal GDP must grow by more than 2 percent. b. Real GDP must grow by more than 2 percent. c. Real GDP per capita must grow by more than 2 percent. d. Consumption spending must grow by more than 2 percent. e. Private investment spending must grow by more than 2 percent.