The equality-efficiency trade-off refers to:
A.the conflict between risk averters and risk-takers.
B.the willingness of Congress to abandon existing welfare programs in favor of a comprehensive plan to increase education and training for low-income persons.
C.possible conflicts between the goals of economic efficiency and greater income equality.
D.the difference between the goals of income equality and equality of economic opportunity.
Answer: C.possible conflicts between the goals of economic efficiency and greater income equality.
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The above figure shows the market for rice in Japan where price is expressed in dollars. S represents the domestic supply curve, and the horizontal line at P = 1 represents the world supply curve. Suppose a free market exists
If a $1 per unit tariff is imposed on imported rice, the quantity of imported rice will decrease by A) Q1 units. B) Q2 - Q1 units. C) Q2 units. D) Q1 - Q2 units.
At low levels of employment, the Keynesian aggregate supply curve:
a. tilts downward to the right. b. tilts upward to the right. c. is vertical. d. shows a constant price level. e. shows a rising price level.
In 1791, Alexander Hamilton suggested
a. the abolishment of all state-chartered banks b. the creation of open market operations c. the creation of a nationally chartered bank d. the abolition of the money supply e. creative accounting to deny Revolutionary debt
Where there is natural monopoly, government is most likely to implement:
A. social regulation. B. antitrust policy. C. industrial regulation. D. an externality containment policy.