A public policy that would lower everyone's income but would lower the income of the rich faster than that of the poor would further the goal of _____
a. improving the lot of those worse off
b. social justice
c. income equality
d. Pareto optimality
c
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If macaroni and cheese is an inferior good, an increase in income will
A) not affect the demand for macaroni and cheese. B) decrease the demand for macaroni and cheese. C) increase the demand for macaroni and cheese. D) create no income effect.
The components of consumption expenditures include all of the following except
A) nondurable goods consumption. B) durable goods consumption. C) government consumption. D) services.
Household production still exists because it often requires fewer specialized resources than market production does
a. True b. False
Pollution and other negative externalities arise because
a. there are no enforceable property rights to open-access resources b. legislators cannot agree on what to do about them c. they are the price consumers are willing to pay for production of goods and services d. private property rights to pollute are controlled by businesses e. science cannot decide how to control them