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Answer the next three questions based upon the following diagram: Answer the next three questions based upon the following diagram: -The return to labor will equal: A) ABC B) 0BD C) 0ACD D) 0BCD -The return to labor will equal:


A) ABC
B) 0BD
C) 0ACD
D) 0BCD

E) A) and D)
F) B) and C)

Correct Answer

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Reconciling the economic concepts of payments to factor of production with economic reality is complicated by the fact that:


A) interest payments are made for the use of money capital, not real capital
B) rents include royalty income and imputed rents for owner-occupied dwellings
C) proprietors' income includes factor payments along with profits
D) all of the above

E) B) and D)
F) None of the above

Correct Answer

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Generally speaking, income inequality is definitively explained by the fact that generation after generation is essentially "trapped" in a particular income quintile.

A) True
B) False

Correct Answer

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Answer the next six questions based upon the following diagram. Answer the next six questions based upon the following diagram. -If the actual distribution of income is represented by curve 0BCA, then the Gini ratio or coefficient can be stated as: A) \frac { m } { m + n + p + r } B) \frac { m + n } { m + n + p + r } C) \frac { m + n + p } { m + n + p + r } D) \begin{array} { l } m + n + p + r \\ m + n + p + r \end{array} E) none of the above -If the actual distribution of income is represented by curve 0BCA, then the Gini ratio or coefficient can be stated as:


A)
mm+n+p+r\frac { m } { m + n + p + r }
B)
m+nm+n+p+r\frac { m + n } { m + n + p + r }
C) m+n+pm+n+p+r\frac { m + n + p } { m + n + p + r }
D)
m+n+p+rm+n+p+r\begin{array} { l } m + n + p + r \\m + n + p + r\end{array}
E) none of the above

F) A) and E)
G) B) and D)

Correct Answer

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Critics of income redistribution programs cite efficiency losses as a cost of redistribution.

A) True
B) False

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Indicate whether questions 5 through 11 are true or false based upon the following diagram. Indicate whether questions 5 through 11 are true or false based upon the following diagram. -If currently at C, the movement to B might be the result of taxes and transfers. -If currently at C, the movement to B might be the result of taxes and transfers.

A) True
B) False

Correct Answer

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Which of the following generalizations is true?


A) After counting taxes and transfers, there is a very dramatic equalization of income in the United States.
B) Only the top income quintile gains after tax and transfer redistributions.
C) After taxes and subsidies are factored in, the lowest two quintiles of American wage earners receive the same share of income as they did before.
D) The lowest quintile of income recipients accounts for less than 5 percent of family income.

E) C) and D)
F) B) and D)

Correct Answer

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Based on the few good studies of the distribution of income from an international perspective, one can conclude that income is rather evenly distributed among nations.

A) True
B) False

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Indicate whether questions 5 through 11 are true or false based upon the following diagram. Indicate whether questions 5 through 11 are true or false based upon the following diagram. -Areas D + F divided by the sum of areas D + F + E is a means for estimating the Gini ratio. -Areas D + F divided by the sum of areas D + F + E is a means for estimating the Gini ratio.

A) True
B) False

Correct Answer

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Indicate whether questions 5 through 11 are true or false based upon the following diagram. Indicate whether questions 5 through 11 are true or false based upon the following diagram. -The movement from curve B to curve C represents a move toward greater income equality. -The movement from curve B to curve C represents a move toward greater income equality.

A) True
B) False

Correct Answer

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One study concludes that the rise in income inequality between 1973 and 2003 is explained by an older population that had increased experience and education.

A) True
B) False

Correct Answer

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Answer the next three questions based upon the following diagram: Answer the next three questions based upon the following diagram: -The diagram provides information that is particularly relevant to: A) personal income received B) the distribution of income by factor shares C) the distribution of wealth D) population distribution E) agronomy -The diagram provides information that is particularly relevant to:


A) personal income received
B) the distribution of income by factor shares
C) the distribution of wealth
D) population distribution
E) agronomy

F) B) and E)
G) A) and B)

Correct Answer

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Long-run data indicate that labor's share of the national income:


A) has been continuously falling relative to profits
B) has been fairly stable
C) is nearly 90 percent of national income
D) was deliberately and wrongly estimated by the Bureau of Economic Analysis
E) all of the above

F) D) and E)
G) None of the above

Correct Answer

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On average, Asians earn more than whites followed by Hispanics followed by blacks in descending order.

A) True
B) False

Correct Answer

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Which of the following is not a plausible reason for differences in income?


A) hitting the jackpot at a casino or the discovery of natural gas reserves on one's property
B) EPA mileage standards for automobiles
C) ownership of intellectual properties
D) declining union membership

E) A) and B)
F) B) and C)

Correct Answer

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Arts, design, entertainment, sports, and media occupations tend to have the higher average incomes than management, business and financial operations occupations.

A) True
B) False

Correct Answer

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Answer the next three questions based upon the following diagram: Answer the next three questions based upon the following diagram: -The return to capital will equal: A) ABC B) 0BD C) 0ACD D) 0BCD -The return to capital will equal:


A) ABC
B) 0BD
C) 0ACD
D) 0BCD

E) B) and D)
F) C) and D)

Correct Answer

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How might a general improvement in American education have a positive effect on American real incomes? How and why do some critics argue that education may be overrated in its income-creating effects?

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Answered by ExamLex AI

Answered by ExamLex AI

A general improvement in American educat...

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Answer the next six questions based upon the following diagram. Answer the next six questions based upon the following diagram. -If there is perfect equality in the distribution of income, the Gini coefficient can be stated as: A) \frac { m } { m + n + p + r } B) \frac { m + n } { m + n + p + r } C) \frac { m + n + p } { m + n + p + r } D) \begin{array} { l } m + n + p + r \\ m + n + p + r \end{array} E) none of the above -If there is perfect equality in the distribution of income, the Gini coefficient can be stated as:


A)
mm+n+p+r\frac { m } { m + n + p + r }
B)
m+nm+n+p+r\frac { m + n } { m + n + p + r }
C) m+n+pm+n+p+r\frac { m + n + p } { m + n + p + r }
D)
m+n+p+rm+n+p+r\begin{array} { l } m + n + p + r \\m + n + p + r\end{array}
E) none of the above

F) B) and C)
G) A) and E)

Correct Answer

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What is the nature of Arthur Okun's "big tradeoff?"

Correct Answer

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Arthur Okun's "big tradeoff" refers to t...

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