The United States is the most inequitable country in the developed world
Indicate whether the statement is true or false
False. Efficiency means how many goods to produce, and equity means how the goods are allocated. They do not move in opposite directions. Even if one might say that the United States is the most efficient country in the developed world, it does not mean that the U.S. is also the most inequitable country.
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A negative income tax program is:
a. b, c, d, and e. b. basically an income tax in reverse. c. based on government cash payments to the poor that are linked to their income levels. d. designed to provide a minimum level of income to the poor. e. based on cash payments that decline as income level increases.
The opportunity cost of an action: a. can be determined by considering the benefits that flow from the action as well as the monetary costs incurred as a result of the action. b. can be determined by adding up the bills incurred as a result of the action
c. can be objectively determined only by economists. d. is a subjective valuation that can be determined only by the individual who chooses the action.
A significant increase in the price of a consumer good that has suddenly become much more scarce
What will be an ideal response?
If income decreases by 20% and, in response, the quantity of housing demanded decreases by 14%, then the income elasticity of demand for housing is
A. 0.7. B. -1. C. 1.43. D. -0.7.