Which of the following statements is correct?
A. The operation of a market system eventually results in an equal distribution of income
B. Producers are "sovereign" in a market economy because they determine what is produced
C. The market system is efficient at allocating resources, but not at allocating products
D. Freedom of choice and enterprise are essential elements of the market system
Answer: D
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The Bush tax cuts
a. reduced tax rates for the upper brackets and increased tax rates for lower income taxpayers. b. reduced tax rates for the upper brackets and held constant tax rates for lower income taxpayers. c. reduced tax rates for the upper brackets and decreased tax rates for lower income taxpayers. d. held constant tax rates for the upper brackets and decreased tax rates for lower income taxpayers. e. Increased tax rates for the upper brackets and decreased tax rates for lower income taxpayers.
In a typical 10-year period, about one in four families falls below the poverty line in at least one year. What percentage of families are poor for eight or more years?