All of the following would show a more equal distribution than the distribution of money income EXCEPT
A. after-tax income.
B. lifetime earnings.
C. total income.
D. wealth.
Answer: D
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Substitution bias in the CPI refers to the fact that the CPI
A) takes into account the substitution of goods by consumers when relative prices change. B) takes no account of the substitution of goods by consumers when relative prices change. C) substitutes quality changes whenever they occur without taking account of the cost of the quality changes. D) substitutes relative prices for absolute prices of goods.
Explain why distributing $500 worth of food stamps to someone is not the same thing economically speaking as giving them $500 in cash? Why might the cash option make the poor better off than food stamps?
What will be an ideal response?
A group of firms that colludes to limit competition by assigning production quotas and setting a uniform price for all is called a(n)
a. conglomerate b. balanced oligopoly c. cartel d. oligopoly with kinked demand curves for each of the firms in the collusion e. unbalanced oligopoly
Vertical equity in income taxation refers to the notion that persons with different levels of income should be taxed differently.
Answer the following statement true (T) or false (F)