Economist Timothy Smeeding reported that income inequality
A. seems to increase whenever it is studied scientifically.
B. was higher in the U.S. than in any of the European countries studied.
C. was lower in the U.S. than in any of the European countries studied.
D. was roughly the same in both the U.S. and in the European countries studied.
Answer: B
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What will be an ideal response?
Which of the following statements is NOT true about inflation?
A) Inflation is a sustained increase in the average prices of goods in the economy. B) During an inflationary period, the prices of some goods will increase while the price of some goods will decrease. C) When there is inflation, the purchasing power of a dollar decreases. D) During an inflationary period, the prices of all goods will increase.