Households derive the majority of their income from
A. government transfers.
B. property.
C. inherited wealth.
D. wages and salaries.
Answer: D
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According to your textbook, it is best to view "the market" as
A) a person. B) a place. C) a thing. D) a process of plan coordination among buyers and sellers. E) a highly complicated series of exchanges, which can only be coordinated by the efforts of economists and other experts in government.
Sales and excise taxes are:
a. progressive. b. proportional. c. regressive. d. fixed-revenue.
Which political philosophy focuses on the process of determining the distribution of income rather than on the outcome?
a. utilitarianism b. liberalism c. libertarianism d. welfarism
Which of the following is a component of a competitive market?
a. a buyer having significant market power b. buyers boycotting similar products c. sellers offering a wide variety of products d. a seller having little market power