Over the past century, the average household income in the United States
A. has increased in nominal terms but has decreased in real terms.
B. has increased in nominal terms but has remained constant in real terms.
C. has increased in real terms.
D. has increased only marginally both in real and nominal terms.
Ans: C. has increased in real terms.
Economics
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In the figure above, the shift in the aggregate demand curve from AD1 to AD3 could be the result of an increase in
A) the price level. B) foreign incomes. C) aggregate supply. D) the foreign exchange rate. E) expected future income.
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Public choice theory suggests that political candidates try to get elected by
a. appealing to conservatives b. appealing to liberals c. appealing to senior citizens d. appealing to the median voter e. raising taxes
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