Opponents of income redistribution argue that
A. redistribution violates the proposition that "one is entitled to the fruits of one's efforts."
B. property income is less just than labor income and thus redistribution of that income is justified.
C. redistribution encourages too much competition.
D. Both A and C are correct.
Answer: A
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The liquidity of an asset indicates: a. its buying power
b. the ease with which it can be converted into cash without a significant loss of value. c. the ease with which it can be converted into another asset. d. how likely people are to trade it internationally. e. its intrinsic value.
Globalization can increase wage inequality in the United States if international competition is primarily in industries requiring ________ workers.
A. few B. highly-skilled C. many D. low-skilled
A point inside a society's production possibilities curve represents
A) an unattainable combination of outputs. B) an output combination that satisfies the needs of the population. C) an underutilization of productive resources. D) a technically superior output combination.
If country A can produce both goods X and Y more efficiently, that is, with smaller absolute amounts of resources, than can country B:
A. mutually advantageous specialization and trade between A and B may still be possible. B. we can conclude that A is an industrially advanced economy and B is a developing economy. C. it will necessarily be advantageous for B to import both X and Y from A. D. then there is no possible basis for mutually advantageous specialization and trade between A and B.