With regard to the current and trending levels of inequality in the distribution

Question

With regard to the current and trending levels of inequality in the distribution of income and wealth In the U.S.: Classical economists believe this is not a problem. Progressive economists share that view. Progressive economists believe it is a significant problem. both a and b both a and c Wage and salary incomes have been stagnant in the U.S. since the 1970s. Yet, consumer spending has continued to grow. What has made this possible? the steady increase in the level of the federal debt an unprecedented increase in the availability of consumer credit dramatic increases in business investment a historic decline in personal savings In what year did the U.S. Debt-to-GDP ratio rise to its highest historical level? 1864 1929 1946 1980 2015 In what year did the U.S. Debt-to-GDP ratio fall to its lowest post-WW II level? 1946 1960 1971 1980 2001 For the past 30 years or so, the United States has imported more goods and services than it exported. exported more goods and services than it imported. exported and imported approximately the same amount of goods and services. imported more than exports only during recessions. Which of the following contributed to the evolution of the chronic U.S. trade deficit? elimination of the convertibility of the U.S. dollar to gold and the emergence of floating exchange rates the adoption of export-led growth policies by most major global trading nations a complacent attitude on the part of U.S. manufacturers toward innovation, investment, and product quality U.S. free trade policy and the decline of domestic manufacturing e) all of the above

Explanation / Answer

17. E. both a and c

18. D. historic decline in personal saving

19. C 1946

20 C. 1971

21 A. Imported more goods and Services then xported

22. D. Free Trade Policy

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