Lorenz curves for the United States in 1967 and 2016 show
A. a changed relationship between unemployment and inflation from 1967 to 2016.
B. a trade-off between unemployment and inflation in 1967 but no such trade-off in 2016.
C. a changed relationship between job openings and the unemployment rate from 1967 to 2016.
D. increased income inequality from 1967 to 2016.
Answer: D
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Suppose we have the following information about a plumber: wages $30,000, repair sales $200,000, taxes $5,000, loan interest $15,000, plumbing materials $20,000. What is the contribution to GDP of this plumber using the product approach?
A) $200,000. B) $180,000. C) $50,000. D) $30,000.
Which of the following would be an appropriate discretionary fiscal policy to use when the economy is in a recession?
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