Any society bound by a contract calling for an income distribution that would ________ the well-being of the worst-off member of society would allow for inequality if that inequality had the effect of ________ the lot of the very poor.
A. minimize; improving
B. maximize; worsening
C. minimize; worsening
D. maximize; improving
Answer: D
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The notion of reciprocity means that one nation will impose import restrictions on another in order to:
a. stimulate an increase in trade restrictions in the latter. b. stimulate a decrease in trade restrictions in the latter. c. eliminate trade restrictions immediately in both countries. d. improve the government revenue collections through tariffs in both countries. e. enforce standards of product quality in the latter.
A large blast furnace is an example of an indivisible input that cannot be scaled down to reduce output.
Answer the following statement true (T) or false (F)
The excess supply curve of a product we (H) import from foreign countries (F) increases as
A) excess demand of country H increases. B) excess demand of country F increases. C) excess supply of country H increases. D) excess supply of country F increases. E) excess supply of country F decreases.
Income received minus personal taxes is called:
a. national income. b. personal income. c. disposable personal income. d. transfer payments. e. net national product.