How much mobility has there been through the income quintiles since 2007?
What will be an ideal response?
There is some mobility but not a vast amount, particularly in the lowest and highest quintiles. In both these quintiles, about 70 percent of households remained in the same quintile. In the other three quintiles, somewhere between 45 percent and 50 percent of households remained in the same quintile. But there was some mobility. In the bottom four quintiles, about 25 percent of household moved up a quintile. (It is impossible for a household in the top quintile to move up.) Similarly, in the top four quintiles, about 25 percent of household moved down a quintile. (It is impossible for a household in the bottom quintile to move down.) A few household also moved up and down by more than one quintile.
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Which of the following individuals would most likely favor an increase in government spending, as opposed to a tax cut, as the basis for expansionary fiscal policy?
A. “There must be a constant philosophical prejudice against any intervention by the state into our lives, for by definition such intervention abridges liberty.”—William Simon B. “The bastards [read politicians] can’t spend what they don’t have.”—Howard Jarvis C. “The family that takes its mauve and cerise, air-conditioned, power-steered, power-braked automobile through cities that are badly paved, made hideous by litter, [and] blighted buildings...to picnic beside a polluted stream amid the stench of refuse may properly reflect on the curious unevenness of their blessings.”—J.K. Galbraith D. “Public expenditures are made for the primary benefit of the middle class and financed with taxes on the poor and rich.”—Director’s Law
Which program forces farmers to destroy millions of dollars' worth of crops each year?
A. Set-asides. B. The dairy termination program. C. Marketing orders. D. Countercyclical payments.