Which of the following statements is true about the Marxist's argument in favor of an egalitarian income distribution?
a. Aside from the very rich, people are disposed toward income equality.
b. Private property originates from theft and it is this property that creates unequal distribution of income
c. Government (welfare) and private charity doesn't work.
d. Human beings are imperfect, and it is the unequal distribution of income that reflects this imperfection.
e. Although income equality does not support the most efficient use of economy's resources, it's worth it anyway.
B
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Scarce good
What will be an ideal response?
Autonomous consumption is
A. consumption spending that does not depend on the level of income. B. consumption spending when the marginal propensity to consume is 1. C. the amount spent on consumption when saving equals zero. D. consumption spending that is earned rather than transferred from the government.
The view that changes in the money supply is the primary cause of changes in real output and the price level is most closely associated with
A. the monetarist view. B. mainstream economics. C. real business cycle theory. D. rational expectations theory.
How will contractionary monetary policy in Japan affect the demand for the yen and the supply of the yen in the foreign exchange market?
A) The demand for the yen will fall, and the supply of the yen will fall. B) The demand for the yen will increase, and the supply of the yen will increase. C) The demand for the yen will increase, and the supply of the yen will fall. D) The demand for the yen will fall, and the supply of the yen will increase.