Which of the following statements is correct?
a. Less than three percent of families are categorized as poor for eight years or more.
b. In the United States, the grandson of a millionaire is much more likely to be rich than the grandson of an average-income person.
c. The majority of millionaires in the United States inherited their wealth.
d. Most workers have about the same income (adjusted for inflation) when they are young as when they are middle-aged.
a
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Refer to Table 17-2. The marginal revenue product of labor from the third unit of labor is
A) $5,460. B) $1,560. C) $1,260. D) $780.
Suppose the Fed forecasts a reduction in cash leakages. It might offset the effect of this on the money supply by
A) buying government securities. B) selling government securities. C) lowering the required reserve ratio. D) lowering the discount rate.