How does the government carry out income redistribution?
What will be an ideal response?
Income redistribution can be carried out by a combination of progressive taxation and transfer payments. Transfer payments are money payments made by the government to people for which no goods or services are rendered. Transfers can also be "in-kind," that is, in the form of a good or service.
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Approximately what percentage of the world population experiences scarcity?
A) 33% B) 50% C) 66% D) 100%
Which of the following is the result of allocative and productive efficiency being met at the same time in a long-run equilibrium?
a. Perfect competition b. Market entry c. Maximum output d. Monopolistic competition
Suppose that bartenders and waiters have no unions. Now suppose that bartenders form a union. What does this do the labor supply and wages of waiters?
a. Both labor supply and wages increase. b. Labor supply increases, and wages decrease. c. Labor supply decreases, and wages increase. d. Both labor supply and wages decrease.
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