Which of the following statements is true?
A. When the forces of supply and demand determine for whom goods are produced in a society, an equitable distribution of income will naturally result.
B. An external cost will occur when some of the benefits derived from production of some good or service are enjoyed by a third party.
C. One of the roles of the United States' government is to transfer some income from the rich and the middle class to the poor.
D. According to most economists' definition of competition, the American economy is very competitive.
C. One of the roles of the United States' government is to transfer some income from the rich and the middle class to the poor.
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The latent poor are not included in the official poverty count as poor
Indicate whether the statement is true or false
The rate of change in GDP over time is called the:
A. price accelerator. B. output generator. C. Gini coefficient. D. economic growth rate.
When the United States gives MFN status to China, it means that
A) China is treated better than other U.S. trading partners. B) China is treated the same as other U.S. trading partners. C) China is treated worse than other U.S. trading partners. D) China is legally bound to reciprocate.
A tax that exacts a lower proportion of income from higher-income people than it does from lower-income households is a regressive tax.
Answer the following statement true (T) or false (F)