If income were distributed solely according to marginal productivity,
a. every family would be above the poverty level
b. it would be distributed evenly
c. it would be distributed normally
d. workers in capital-intensive industries would earn less than workers in labor-intensive industries
e. some individuals would not receive any income
E
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The idea that the long-run Phillips curve is
a. vertical stems from the analysis of Samuelson and Solow. b. vertical stems from the analysis of Friedman and Phelps. c. vertical was disproved by the experiment that monetary and fiscal policymakers inadvertently created in the 1970s. d. downward-sloping can be correct if unemployment responds very quickly to unexpected inflation.
Bank runs are a possibility because
A. the FDIC is inefficient. B. banks do not keep enough reserves to cover all their depository liabilities. C. bankers are often poor businesspeople. D. in difficult times people want currency instead of demand deposits.