How do governments in the United States redistribute income?
What will be an ideal response?
The governments in the U.S. use three main ways to redistribute income and reduce, to some degree, economic inequality: i) Income taxes: Taxes on household income are charged by the U.S. federal government and by many state governments,; ii) Income maintenance programs: There are three major types of programs that provide direct payments to individuals; and iii) Subsidized services: A great deal of income redistribution takes the form of subsidized services, where people other than those who pay for services consume the services provided.
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According to your textbook, globalization
A) does not necessarily destroy local identity. B) makes economic systems work perfectly. C) eventually turns all economic losses into profits. D) makes "outsourcing" impossible to achieve.
Marginal product is represented by:
A. the x-axis of the total production curve. B. total product minus the total cost. C. the slope of the total production curve. D. total revenue minus total cost.
A demand curve will shift out for any of the following reasons except
a. preference for a good increases. b. price of a substitute falls. c. income rises. d. price of a complement falls.
The demand curve for loanable funds is downward sloping because
a. people save more at higher interest rates. b. more investments are profitable at low interest rates than at high interest rates. c. future income is more valuable now at higher interest rates than at low interest rates. d. usury laws increase the quantity of funds demanded at low interest rates but do not affect the quantity of funds demanded at high interest rates.