Which of the Following Statements About the Distribution of Income

question 23

Multiple Choice

Which of the following statements about the distribution of income in the United States is true?

• A)Since 1968, the distribution of income has become more unequal.
• B)Since 1968, the share of income going to the richest families has decreased.
• C)Since 1968, the share of income going to the poorest families has risen.
• D)The degree of inequality in the distribution of income remained stable between 1968 and 1997.

Calculate and interpret total, average, and marginal costs based on different inputs and outputs.

Grasp the law of diminishing returns and its effect on production and costs.

Understand the concept of economic profit versus accounting profit by incorporating both explicit and implicit costs.

Recognize the significance of input variation on total output and its relationship to the law of diminishing returns.

---

Definitions:

pKa Values

A quantitative measure that indicates the strength of an acid; it's the logarithmic constant of a compound's dissociation in water.

Acids

Substances that donate protons (H+) in a chemical reaction and have a pH less than 7 in an aqueous solution.

pH

A measure of the acidity or alkalinity of a solution, on a scale in which 7 is neutral, lower values are more acidic, and higher values are more alkaline.

Aqueous Solution

A solution where water is the solvent in which solutes are dissolved.