Compared to 1968, in 2008 income distribution would be considered
A. much more equal.
B. somewhat more equal.
C. about as equal.
D. Much less equal.
D. Much less equal.
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Screening refers to
a. private schools selecting only the students who are easiest to teach b. employers requiring a high-school diploma as a way of rejecting unqualified applicants c. governments deciding who should receive health care d. universities using standardized testing to decide who should enter e. none of the above
Electricity accounts for almost 20% of the cost of making steel. A 10% increase in electricity prices results in steel firms decreasing production and thereby demanding 5% less electricity. Over many years, technological innovations can change the way steel firms make steel and reduce the industry's energy requirements. This suggests that the steel industry's short-run elasticity of demand for
electricity is probably A) less than one in absolute terms in the short run. B) less than its long-run elasticity of demand for electricity. C) Both A and B above. D) Neither A nor B above.