Fact: The lowest 20% of U.S. family incomes in the U.S. has fallen from 4.8% to 3.8% between 1960 and 2010. Your authors argue that
A) this is clear evidence that the poor have gotten poorer.
B) this is primarily the result of a general decline of the power of labor unions in America.
C) while their percentage of national income has fallen, real GDP has increased over 4 times during the past 50 years, and so those persons actually earned much more income than before.
D) none of the above are true.
C
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Changes in the federal tax structure have a significant effect on state income tax collections because most states base their tax structure on the federal tax structure
a. True b. False
Perfect competition is defined as market structure in which:
a. there are many small sellers. b. the product is homogeneous. c. it is very easy for firms to enter or exit the market. d. all of these.