Efficiency and equity are synonymous.
Answer the following statement true (T) or false (F)
False
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The table above shows the distribution of income in Swacko. The government of Swacko imposes a 20 percent tax on the people with the highest 40 percent of income
The government then distributes 50 percent of the tax collected to the lowest 20 percent and 25 percent to the second 20 percent and the middle 20 percent. Suppose that the before-tax group incomes remain as above. Before and after the distribution, what percentage of national income belongs to the lowest 20 percent? A) 2 percent; 10 percent B) 20 percent; 20 percent C) 5 percent; 25 percent D) 2 percent; 2 percent
Economists assume that most people a. act purposefully
b. make decision with some expected outcome in mind. c. make choices that are not random and chaotic. d. all of the above.
If the AD curve is vertical, a positive cost shock will cause ________ in output and ________ in the price level.
A. no change; an increase B. a decrease; no change C. a decrease; an increase D. no change; no change
Refer to the information provided in Figure 33.4 below to answer the question(s) that follow.
Figure 33.4Refer to Figure 33.4. The domestic price of a leather wallet is $20. With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15. After the tariff is imposed, this country will import ________ leather wallets.
A. 50 B. 100 C. 150 D. 200