The assertion that income accrues to people as a consequence of interactions among suppliers and demanders
A) amounts to an endorsement of the existing system.
B) amounts to an endorsement of the pattern of income distribution.
C) ignores the fact that the interactions are often unfair.
D) offers a way of approaching the issue of income distribution.
D
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Of the curves displayed in the graph shown, what does curve B most likely represent?
A. Marginal cost
B. Average total cost
C. Average variable cost
D. Average fixed cost
If real income rises in the economy and, at the same time, productivity in the agriculture sector rises, too, then it follows that the demand for food will
A) rise (assuming that income elasticity of demand for food is greater than 1 ) and the supply of food will remain constant. B) rise (assuming that income elasticity of demand for food is greater than 0 ) and the supply of food will increase, too. C) fall (assuming that income elasticity of demand for food is greater than 1 ) and the supply of food will fall, too. D) fall (assuming that income elasticity of demand for food is equal to 1 ) and the supply of food will rise. E) none of the above
When demand falls and supply remains the same, equilibrium price _______ and equilibrium quantity ________.
A. falls; falls B. rises; rises C. falls; rises D. rises; falls
Under the gold standard, an outflow of gold from the United States
A. would increase the U.S. money supply. B. would create a trade deficit. C. would create a trade surplus. D. would decrease the U.S. money supply.