Since 1970, the distribution of income in the United States
A) generally has become more equal.
B) generally has become less equal.
C) has become more equal than the distribution of wealth.
D) has shown no discernible trend.
Question 2
In an indifference curve diagram, the quantities of good Y are measured along the vertical axis and the quantities of good X are measured along the horizontal axis. The marginal rate of substitution is defined as
A) how much good Y you must give up to get one more unit of good X.
B) how much good Y you are willing to give up to get one more unit of good X.
C) the relative price of good Y in terms of good X.
D) how much you prefer to substitute good X for good Y.
The United States, 1819
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