Many economists believe that
a. once a negative income tax system was in place, the United States could increase economic equality indefinitely without reducing economic efficiency.
b. a negative income tax would be less efficient than the current welfare system.
c. replacing the current welfare system with a negative income tax would increase both economic efficiency and economic equality.
d. None of the above is correct.
c
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Which of the following is not a characteristic that makes medical care different from other commodities?
a. Demand for medical care is irregular. b. Sellers have more information than buyers. c. Third-party payers abound. d. For-profit providers play a major role in delivering medical care. e. The transaction itself if filled with uncertainty.
The equilibrium wage rate is the rate at which the quantity of labor demanded equals the quantity supplied.
Answer the following statement true (T) or false (F)
The type of unemployment caused by changes in the business cycle is
What will be an ideal response?
Economist Timothy Smeeding reported that income inequality
A. seems to increase whenever it is studied scientifically. B. was higher in the U.S. than in any of the European countries studied. C. was lower in the U.S. than in any of the European countries studied. D. was roughly the same in both the U.S. and in the European countries studied.