The distribution of wealth is more unequal than the distribution of income because wealth reflects
a. persistent wage differentials between people of different abilities
b. physical assets as opposed to financial assets
c. unequal distribution of talents in the population
d. unequal access to education
e. the distribution of lifetime accumulated assets
E
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Centralized planning agencies are a key feature of command economies
a. True b. False Indicate whether the statement is true or false
By being responsible for their actions
A) moral hazard becomes asymmetric information. B) employees are being given a property right. C) employees find it easier to free ride on the performance of others. D) the stock market is selling the claims of agents.
Binding price floors benefit sellers because they allow sellers to sell all the goods they want at a higher price
a. True b. False Indicate whether the statement is true or false
When government spending exceeds government revenues during a given period of time
A. the national debt must be decreasing. B. a budget deficit exists. C. a budget surplus exists. D. Congress is obliged to raise taxes.