According to John Rawls, the fair distribution of income is the one that
A) makes the poorest person as well off as possible.
B) makes the average person as well off as possible.
C) results in equal income for all society members.
D) is based on fair rules.
A
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If you made a wish list of things you wanted but did not now have, they you became able to have the things on that list, scarcity would be eliminated
a. True b. False Indicate whether the statement is true or false
Which of the following would be an example of government intervention to correct a market failure caused by buyers having inadequate information about sellers?
A. Providing unemployment compensation insurance B. Sponsoring legislation to reduce pollution C. Licensing of medical doctors and surgeons D. Requiring all car drivers to buy auto insurance
In the circular flow model, households
A) spend earnings from resource sales on goods and services in the product market. B) and firms spend earnings from resource sales on goods and services in the factor market. C) sell goods and services in the input market. D) hire resources sold by firms in the factor market.
Which of the following is not an advantage of fiscal federalism?
a. It allows people to "vote with their feet." b. It facilitates intergovernmental comparisons. c. It increases the ability of government to bargain with bureaucracies. d. It can limit the costs of government programs to those who benefiting from them.