Which of the following is a benefit of income inequality?
A. It promotes economic growth in the less developed economies.
B. It motivates people to be at the high end of income distribution.
C. It reduces the intensity of business fluctuations in an economy.
D. It reduces the taxes to be paid by the ones in the low end of income distribution.
Answer: B
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An increase in the demand for labor means that
A) the demand for labor increases as a result of an increase in the real wage rate. B) the demand for labor increases at any real wage rate. C) the supply of labor must also be increasing. D) the demand for labor increases as a result of a decrease in the real wage rate.
Refer to Scenario 9.1. The dominant strategy for Monty is to place ________ sheep on the commons
A) 4 B) 5 C) Monty's dominant strategy depends on how man sheep Sheb places on the commons. D) Monty has no dominant strategy.
Which of the following organizations keeps track of all interstate commodity shipments by state of origin and state of destination in the United States?
A) Bureau of Trade Statistics B) Bureau of Transportation Statistics C) Bureau for Foreign Assistance D) Bureau of the Treasury Department
A normative economic statement is:
a. a statement of fact. b. a statement of opinion which advocates a particular position. c. not acceptable in the economics profession. d. the only acceptable manner to present economic information. e. a statement based upon government-supplied information.