Measured as a share of the economy, government spending
a. has been between 10 and 15 percent of the U.S. economy since 1930.
b. has been between 20 and 25 percent of the U.S. economy since 1930.
c. rose from less than 10 percent in 1929 to over 35 percent in 2012.
d. declined from more than 50 percent in 1929 to approximately 25 percent in 2012.
C
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Credence goods are particularly susceptible to the lemons problem because
A) they have qualities that are difficult for producers to fully assess. B) they have qualities that are difficult for consumers to fully assess. C) creative responses among producers create volatility in market supply. D) creative responses among consumers create volatility in market demand.
Which of the following is NOT a correct criticism of the Lorenz curve?
A) It does not include payments in kind. B) It does not deal with differences in family size. C) It ignores the impact of age distribution on income distribution. D) It refers to money income after taxes.