The philosopher John Rawls argued that
a. people would choose a more equal distribution of income if they had to determine an economic distribution system before knowing their place in it.
b. people would choose income inequality to allow the maximum use of their individual talents.
c. government has a role to ensure income equality to prevent social unrest.
d. people would choose equal opportunity because it is morally right.
a
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Which of the following will cause the demand curve for a good to shift to the right?
a. Decrease in income for a normal good. b. Increase in the price of a complementary good. c. Decrease in the price of the good. d. Increase in the price of a substitute good. e. Expectation of a future price decline.
Which of the following explains why elected representatives will find borrowing to be an attractive method of financing current government programs?
a. the shortsightedness effect b. pork-barrel politics c. the invisible hand principle d. the public goods argument for government spending programs
The accompanying graph depicts demand.
The price elasticity of demand at point B is:
A. 3. B. 3/4. C. 4/3. D. 1/3.
When Audrina raised the price of her homemade cookies, her total revenue increased. This suggests that the demand for Audrina's cookies is elastic
Indicate whether the statement is true or false