When designing public policies, which income group would philosopher John Rawls argue needs the most attention?
a. Individuals located in the bottom fifth of the income distribution.
b. Individuals located at the average income level.
c. Individuals located in the top fifth of the income distribution.
d. Individuals located in the top five percent of the income distribution.
a
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“Equilibrium” is a situation in which there are no inherent forces to produce change.
Answer the following statement true (T) or false (F)
If the natural unemployment rate decreases, then the short-run Phillips curve ________ and the long-run Phillips curve ________
A) does not shift; shifts leftward B) shifts leftward; shifts leftward C) shifts rightward; shifts rightward D) shifts leftward; does not shift E) shifts rightward; shifts leftward
In an economy where one person receives all the income, the Lorenz curve is
a. the two sides of the right angle triangle b. the diagonal c. a U-shaped curve that lies below the diagonal d. a U-shaped curve that lies above the diagonal e. a downward sloping line from 100 percent of income (on the vertical axis) to 100 percent of population (on the horizontal axis)
Imagine a world in which landlords always fix problems quickly, tenants never damage property and always pay their rent in a timely fashion. In such a world, lease agreements would ________.
A. only serve the interests of tenants B. be unnecessary C. still exist to solve the commitment problem D. apply only to people with low monthly income