Adjusting the conventional measure of income inequality for the increase in income tax returns resulted in
A. a 2% decrease in the bottom 99 percent's systemic income share during 1968 to 2007.
B. a 2% increase in the bottom 99 percent's systemic income share during 1968 to 2007.
C. a 1.4% decrease in the top 1 percent's systemic income share during 1968 to 2007.
D. a 1.4% increase in the top 1 percent's systemic income share during 1968 to 2007.
Answer: C
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Since price tends to equal total utility, the price of water is low and the price of diamonds is high
a. True b. False Indicate whether the statement is true or false
Suppose the government imposes a tax on cheese. The deadweight loss from this tax will likely be greater in the
a. first year after it is imposed than in the eighth year after it is imposed because demand and supply will be more elastic in the first year than in the eighth year. b. first year after it is imposed than in the eighth year after it is imposed because demand and supply will be less elastic in the first year than in the eighth year. c. eighth year after it is imposed than in the first year after it is imposed because demand and supply will be more elastic in the first year than in the eighth year. d. eighth year after it is imposed than in the first year after it is imposed because demand and supply will be less elastic in the first year than in the eighth year.