In less developed economies, the distribution of income is
a. more concentrated (i.e., distributed less evenly) than in developed economies
b. less concentrated than in developed economies
c. such that the bottom 20 percent of households define the poverty threshold
d. such that the top 20 percent of households define the poverty threshold
e. completely even
A
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Incomplete property rights create transactions costs because
a. any party wanting to use the disputed resource does not have a fixed group with which to bargain. b. the use of the disputed resource cannot be fully monitored by the government. c. no one can prevent people from using the disputed resource for free. d. others may receive a higher value from the disputed resource that those who own the property right to it.
The tax imposed on gasoline
a. is an example of a product charge b. has no effect on consumption c. is used exclusively in the United States d. is set at a relatively high rate in the United States
Gasoline taxes are usually used in part to finance the road and highway repair and new construction. Which principle of taxation does this type of tax most fit and why?
What will be an ideal response?
A country that must reduce current consumption to increase future consumption possibilities
A) must be allocating resources inefficiently. B) must be producing along the production possibilities curve. C) must be producing outside the production possibilities curve. D) must not have private ownership of property.