The income distribution in the United States shows that the income share of the top fifth of all families is
a. over 60 percent.
b. around 21 percent.
c. more than 12 times the income of the bottom fifth.
d. less than 10 times the income of the bottom fifth.
c
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If the quantity of tacos demanded is represented by the equation QD = 20 - 0.5P then the corresponding price of tacos is represented by the equation
A) P = 10 - 2QD. B) P = 40 - 2QD. C) P = 0.5QD + 10. D) P = QD + 40.
Suppose real GDP is $13 trillion, potential real GDP is $13.5 trillion, and Congress and the president plan to use fiscal policy to restore the economy to potential real GDP
Assuming a constant price level, Congress and the president would need to increase government purchases by A) less than $500 billion. B) $500 billion. C) more than $500 billion. D) None of the above are correct. Congress must act to decrease government purchases in this case.