In the United States, the dramatic increase in government social spending since the mid-1960s has
a. made incomes less equally distributed
b. made incomes equally distributed
c. not greatly increased the money income share of the poorest fraction of the population
d. greatly increased the money income share of the richest fraction of the population
e. decreased the percentage of families in the lowest fifth
C
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If the income elasticity of demand for corn is 0.5, then as income increases
A) the demand for corn will increase. B) the demand for corn will decrease. C) corn will prove to be an inferior good. D) the supply curve of corn will shift leftward.
By fixing the exchange rate, the central bank gives up its ability to
A) adjust taxes. B) increase government spending. C) influence the economy through fiscal policy. D) depreciate the domestic currency. E) influence the economy through monetary policy.