The results of a survey conducted by Dan Ariely and Michael Norton found that Americans
A) have a preference for much greater equality in wealth distribution than currently exists.
B) have a preference for much less equality in wealth distribution than currently exists.
C) have a preference for roughly the amount equality in wealth distribution that currently exists.
D) show absolutely no preference for the amount of equality in wealth distribution in the nation.
A
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What is the difference between the monetary approach to the exchange rate and monetary approach to the balance of payments? Briefly summarize the policy implications of the monetary approach
What will be an ideal response?
The Monetarist transmission mechanism through which monetary policy affects the price level, real GDP, and employment depends on the:
a. indirect impact of changes on the interest rate. b. indirect impact of changes on profit expectations. c. direct impact of changes in fiscal policy on aggregate demand. d. direct impact of changes in the money supply on aggregate demand.
Price elasticity of supply refers to the
a. change in supply that results from a change in demand b. percentage change in supply generated by a percentage change in demand c. change in price that results from a change in supply d. percentage change in price generated by a percentage change in supply e. percentage change in supply generated by a percentage change in price
A consultant interviews the hiring manager of a small, profit-maximizing firm. The manager explains that the firm used to have 15 employees but decided not to rehire when the most-recently-hired employee left the company, so the firm now has 14 employees. We can infer that
a. for the 15th employee, the wage exceeded the value of the marginal product of labor. b. for the 15th employee, the value of the marginal product of labor exceeded the wage. c. the firm is too small and should rehire to replace the 15th employee. d. the firm is no longer attempting to maximize profits.