Bertrand de Juvenal's views on income distribution and fairness can best be described by the statement:
A. A high level of income inequality is necessary to sustain the arts, beauty, education, and civilization.
B. Society's goal should be to maximize the welfare of the least well-off, but some inequality is necessary to meet this goal.
C. Property rights should be equally distributed, and the market should determine the distribution of income.
D. The lesser individuals' duty should be to work for the well-being of the brightest individuals.
Answer: A
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The expected effect of the Bush tax cuts would be a(n)
a. lower real interest rate. b. exchange rate depreciation. c. increased current account deficit. d. All of the above are correct.
Refer to Table 4.1. Mike's preferences are consistent with the More-Is-Better Principle because:
A. the two goods are perfect substitutes.
B. there are no empty cells.
C. in each column, the choices at the top are ranked lower than the choices at the bottom.
Suppose foreign exchange markets anticipate a devaluation for country A. Further assume that policy makers in country A will continue to fix its nominal exchange rate. In order to peg the currency at its original level, which of the following must occur?
A) increase the domestic interest rate B) increase the domestic price level C) convince trading partners to raise their interest rates D) all of the above E) none of the above
Is the distribution of income across different countries in the world equitable? In other words, do all countries share the world's wealth equally?
What will be an ideal response?