Explain the difference between equality of opportunity and equality of results. Draw an analogy to a football game
What will be an ideal response?
Equality of opportunity means that everyone has the same chance to pursue their own goals, while equality of results aims to give everyone the same outcome. In a football game, equality of opportunity would mean that the rules of the game are mutually agreed upon as fair, while equality of results would mean that the game would have to end tied.
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Comment on the following statement. "Taxing externality-producing activities may not eliminate damages."
What will be an ideal response?
A free market system tends to
A. produce a fairly equal distribution of income. B. pay people exactly what they are worth. C. produce a relatively unequal distribution of income. D. pay most people more than they are worth, at the expense of reducing firms’ profits.
The slope of a line is the
A. values on the y-axis divided by the values on the x-axis. B. values on the x-axis divided by the values on the y-axis. C. change in the values along the x-axis divided by the change in the values along the y-axis. D. change in the values along the y-axis divided by the change in the values along the x-axis.
If demand for a good is perfectly inelastic, then
A. a price increase would cause a fall in total revenue. B. a price increase would cause no change in quantity demanded. C. a price increase would cause an increase in quantity demanded. D. a price increase would cause a fall in quantity demanded.