The essence of the trade-off between equality and efficiency is that
a. taxes and transfers reduce incentives to earn income, thus reducing GNP.
b. people are ideologically opposed to socialistic income redistribution.
c. redistribution violates the "work ethic."
d. people are prejudiced against blacks and women.
a
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Exhibit 30-4
?
A. Q1. B. Q2. C. Q1 - Q2. D. Q2 - Q1.
QN=64 (17762) Macroeconomists study
a. the decisions of households and firms. b. the interaction between households and firms. c. economy-wide phenomena. d. regulations on firms and unions.
Kyle works for a perfectly competitive firm where he receives a wage rate of $15. From this, one can infer that:
A. Kyle's reservation wage is $15. B. Kyle's value of marginal product is at least $15. C. the price of the firm's output is at least $15. D. Kyle's marginal product is at least $15.
If there is no one who is interested in borrowing from a bank:
A. the bank's excess reserves will be zero. B. there will be no process of money creation. C. the required reserve ratio must be equal to zero. D. the required reserve ratio must be equal to 100 percent.