Which of the statements below is primarily normative in nature?
A) There is an unequal distribution of income in the United States.
B) The distribution of income is more unequal in the United States than it is in Japan.
C) The inequality of income that exists in the United States is partly caused by an unequal distribution of wealth.
D) The distribution of income in the United States should be more equal than it is.
D
You might also like to view...
Insurance can be profitable when it
A) eliminates risks. B) decreases risks. C) pools risks. D) changes the individual's marginal utility of wealth.
In the above table, the efficient level of output is
A) 2,000 units. B) 3,000 units. C) 4,000 units. D) 5,000 units.
Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price elasticity of supply and characterize the product
A) 2; The product is elastic. B) 0.5; The product is inelastic. C) 0.2; The product is inelastic. D) 50%; The product is inelastic.
Refer to the graph below for a purely competitive firm in the short run. The price of the firm's product is given by:
A. 0F/0C
B. 0G/0C
C. 0F/0B
D. 0E/0A