What are the main characteristics of high-income and low-income households?
What will be an ideal response?
There are four major characteristics that influence the amount of income earned by an individual: i) Education: The more education attained by a person the higher the human capital that person has, and the more income that person enjoys; ii) Type of household: Married couples earn more, on average, than single people living alone, especially females living alone; iii) The age of householder: The oldest and youngest households have lower incomes than middle age households; and iv) Race: Individuals living in households headed by an Asian person have the highest incomes, followed by white households, Hispanic households, and then black households.
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A grocery shopper considers "eliminating" the middleman. What might she do?
A) Raise her own cows, slaughter them, and butcher her own meat. B) Grow her own wheat, mill it into flour, and bake her own bread. C) Build her own fishing boat and begin halibut fishing. D) All of the above.
A country who has a trade deficit:
A. sells more goods at home than it sells abroad. B. imports less than it exports. C. requires more trade in order to solve a budgetary deficit. D. has a negative trade balance.