Which statement is true?
A. Income is fairly evenly distributed in the U.S.
B. The richest 1% of our population has nearly 50% of the income.
C. The percentage of Americans below the poverty line has been falling steadily (except for recession) since the 1950s.
D. Eleven percent of the children under six living in a two parent home are poor.
D. Eleven percent of the children under six living in a two parent home are poor.
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The proposition that states that as output increases for one good in an economy that is on its production possibilities curve, the cost of additional units of the good on the horizontal axis will be greater and greater is the:
A) law of absolute advantage. B) law of increasing opportunity cost. C) law of policy ineffectiveness. D) law of demand.
Assume that the economy is presently in equilibrium. A decline in the interest rate
a. increases planned investment, aggregate demand, and equilibrium income. b. increases unplanned investment, reducing aggregate demand and equilibrium income. c. increases unplanned investment, increasing aggregate demand and equilibrium income. d. increases money demand, the money supply, aggregate demand, and equilibrium income.