Which statement most accurately describes the distribution of income among US families?
a. In 2005, as in most of American history, poor people work on average many more hours than do high-income people.
b. The median real family income has remained about the same since 1970.
c. One of the most significant determinants of income inequality in the US has been the increase in demand for highly trained labor.
d. Earnings of married-couple families have grown more slowly than earnings of both male and female households with no spouse.
c. One of the most significant determinants of income inequality in the US has been the increase in demand for highly trained labor.
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Refer to the scenario above. If these four friends are the only bidders and each bidder uses his optimal strategies, the owner of the good will earn an expected revenue of ________
A) $210 B) $350 C) $500 D) $625
The land of Mordor increases its capital stock. As a result, the long-run aggregate supply curve shifts ________ and so does the ________ curve
A) rightward; aggregate demand B) leftward; aggregate demand C) rightward; short-run aggregate supply D) leftward; short-run aggregate supply