The fair results approach to fairness
A) requires property rights and voluntary exchange.
B) supports transferring income from the rich and giving it to the poor.
C) requires efficient market outcomes.
D) ensures that marginal cost equals marginal benefit.
E) never creates a big tradeoff.
B
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GDP underestimates our economic well-being:
a. for of all the following reasons. b. because it includes the value of work done by nannies. c. because it ignores leisure. d. because it includes the value of work done by householders. e. because it includes the value of work done by illegal immigrants.
Which of the following statements is correct?
a. The demand for flat-screen computer monitors is more elastic than the demand for monitors in general. b. The demand for grandfather clocks is more elastic than the demand for clocks in general. c. The demand for cardboard is more elastic over a long period of time than over a short period of time. d. All of the above are correct.
The most effective government policy for reducing poverty is to
a. reduce discrimination in the job market based on gender and race b. abandon all government programs and rely on private charity c. reduce programs that promote education and training of the poor d. dramatically increase Medicare payments to the elderly e. promote economic growth and job creation
When a good is not excludable but is rival in consumption the:
A. free rider problem may arise. B. tragedy of the commons may arise. C. good is likely a private good. D. good is likely a common resource.