The tradeoff between equity and efficiency is evident in debates over
a. how progressive our tax code should be.
b. how generous our government spending programs should be.
c. the debate over international trade policy.
d. the debate over labor unions.
e. all of the above.
E
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In the presence of negative pollution externalities, it is more efficient to have Cournot competitors than Bertrand competitors.
Answer the following statement true (T) or false (F)
The goal of health insurance is to
a. redistribute income from the sick to the healthy. b. spread risk over a large group of people. c. equally distribute the probability of loss over a large number of people. d. collect sufficient premiums to cover all possible losses. e. equalize the availability of medical care across population groups.
Which of the following groups had the highest median income in the U.S. in 2008?
A. Hispanic B. White (non-Hispanic) C. Asian D. Black
The richest fifth of U.S. households get nearly half of all U.S. income.
Answer the following statement true (T) or false (F)