Progressive taxation serves which of the following goals of economic welfare policy?
A. Social insurance
B. Economic growth
C. Progressive taxation has all of these goals aimed at reducing inequality.
D. Redistribution of wealth
D. Redistribution of wealth
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Adam Smith's behavioral assumption about humans was that people
A) usually act in a rational, self-interested way. B) are consistently greedy. C) typically act irrationally. D) typically act randomly.
In a game with multiple Nash equilibria, all of the following can be used to determine the equilibrium of the game except which one?
A) the Focal point B) a coin flip C) the Pareto criterion D) refinements
Which of the following statements concerning income and substitution effects is not true?
a. Income and substitution effects cause the demand curve to slope downward. b. When the price of a good falls, real purchasing power increases and consumers can purchase more of all goods. c. The substitution effect describes the situation in which more of the good whose price has fallen is purchased, and less of all other goods is purchased. d. A price decrease of one good cannot cause the income effect. e. Income and substitution effects are related to diminishing marginal utility and consumer equilibrium.
A price ceiling keeps a price:
a. from rising above a certain level. b. from decreasing below a certain level. c. at a stabilized point. d. from increasing or decreasing.