Would the maximin criterion achieve perfect income equality?
a. Yes. There would be no way to reallocate resources to raise the utility of the poor.
b. Yes. The maximin criterion would eliminate poverty.
c. No. It is impossible for complete equality to benefit the worst-off people in society.
d. No. Complete equality would reduce incentives to work, which would reduce total income, which would reduce the incomes of the worst-off people in society.
d
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Jack has a ticket to see Daughtry for which he paid $30 yesterday. He takes an unpaid day off from work to get ready for the concert. When he arrives at the concert, five different people offer him $70 for his ticket. Jack decides to keep his ticket. At the time he makes this decision, his opportunity cost of seeing Daughtry is:
A. $70 plus his forgone earnings. B. $30 plus his forgone earnings. C. $70. D. $40.
In the wake of Henry Ford's payment of efficiency wages in 1914 ________
A) absenteeism and productivity fell B) absenteeism and productivity rose C) absenteeism rose and productivity fell D) absenteeism fell and productivity rose
The difference between individual and aggregate demand is
a. Individual demand is the total demand of all the individuals in a market b. In the aggregate demand, each point represents a single consumer's different values for a single unit of the good c. In the aggregate demand, each point represents a consumer group's value of the good d. All of the above
The transactions demand for money increases when more people want to hold some of their wealth in the form of money to reduce the risks associated with unexpected emergencies
a. True b. False Indicate whether the statement is true or false