Proponents of income redistribution argue that redistribution
A. will not take place absent government intervention as the market for charity, a private good, is imperfect.
B. would be agreed to by all members of society if they were risk-loving and contracting from the "original position."
C. increases the welfare of all members of society.
D. helps those who, through no fault of their own, are unable to earn an adequate income.
Answer: D
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Assume there are two competing social network sites, Mugshot and Graybar, and each grow in value as more people use them
Mugshot has been around longer and has the most users, but people tend to agree that Graybar is a better site, so the equilibrium where everyone uses Graybar is preferred to the equilibrium where everyone uses Mugshot. This situation describes a multiplayer A) assurance game. B) prisoner's dilemma game. C) battle of the sexes game. D) pure coordination game.
According to the kinked demand curve model, if an oligopolistic firm lowers its price, it should expect to see its total revenue:
A) increase. B) stay the same. C) decrease D) cannot be determined without more information.
Despite an expansionary monetary policy, an economy experiences a recession. Everything else held constant, the recession could occur in spite of the rightward shift of the LM curve if
A) consumer confidence decreases sharply. B) there is an investment boom. C) the money supply increases. D) taxes are cut.
The more elastic the demand for a good, the smaller the deadweight loss from the tax imposed on the good
a. True b. False Indicate whether the statement is true or false