Refer to the Article Summary. The article discusses wealth inequality, and for some people this means a more equitable distribution of wealth is needed in the economy
Would an equitable distribution of wealth necessarily be the most efficient distribution of wealth?
A) No, it is impossible to have an economically efficient distribution which is also an equitable distribution.
B) Yes, equitable and efficient are two different words which have the same definition.
C) Yes, in order for the distribution to be equitable, it must also be efficient.
D) No, an economically efficient distribution of wealth would not necessarily be equitable.
D
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Which of the following statements is TRUE?
A) An increase in the price of gasoline will decrease the demand for gasoline. B) An increase in the price of gasoline will increase the quantity demanded of gasoline. C) An increase in the price of gasoline will increase the supply of gasoline. D) An increase in the price of gasoline will increase the quantity supplied of gasoline.
International flows of capital increase both efficiency and growth in countries around the world
Indicate whether the statement is true or false
If the price of orchids falls, the substitution effect due to the price change will cause
A) an increase in the demand for orchids. B) an increase in the demand for roses, a substitute for orchids. C) an increase in the quantity of orchids demanded. D) an increase in the quantity of orchids supplied.
Answer the following questions true (T) or false (F)
1. An increase in government spending increases the supply of money in our economy. 2. An appropriate fiscal policy response when aggregate demand is growing at a slower rate than aggregate supply is to cut taxes. 3. If real equilibrium GDP is above potential GDP, expansionary fiscal policy should be pursued.