1 During the _________, real incomes nearly doubled in every income category.
- post-World War II period
- globalization period
2 Between the 1950s and 1970s, what prevented widening income inequality?
- The decline in union membership
- The creation of supply-side economic policies
- A reduction in the capital gains tax
- A high marginal tax rate on upper incomes
- The rise of global competition to U.S. businesses
3 Supply-side economic theory is based on the assumption that
- a high marginal tax rate on upper incomes is necessary.
- government investment in social welfare policies reduces poverty.
- tax cuts for businesses and high-income earners stimulates economic growth.
- government should promote unions in order to reduce income inequality.
- lowering the minimum wage reduces wage stagnation.
4 What advantage do middle- and lower-income Americans have in the political system?
- Corporate influence with Congress
- Both political parties are dedicated to representing their economic needs
- They provide most of the campaign contributions to members of Congress
- Most lobbyists represent lower- and middle-income groups
- Voting power
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