Since the Federal Reserve was established in 1913, the U.S. has experienced three periods of high inflation and each was preceded and accompanied by a period of sharp decline in the money supply

Over the past decade, the incomes of the top 1 percent have increased disproportionately higher than that of the middle class. These changes mean that the Lorenz curve moved ________ the 45 degree line and the Gini ratio has ________

A) closer to; decreased B) closer to; increased C) further away from; decreased D) further away from; increased

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

A) buyers of steel are less sensitive to a price change if they have more time to adjust to the price change. B) profits will fall by a greater amount in the long run than in the short run. C) buyers of steel are more sensitive to a price change if they have more time to adjust to the price change. D) sales revenue in the building industry will fall sharply.