The most common argument for income redistribution is that
A. it works-it reduces the poverty rate.
B. a society as wealthy as the United States has a moral obligation to provide its members with the basic necessities of life.
C. it provides more incentive for people to try to better themselves.
D. it improves efficiency in the economy.
Answer: B
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Since the year 2000, the share of the population holding or actively looking for jobs have ________ in the United States:
A. been record high. B. decreased. C. increased. D. remained approximately constant.
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Let C = 40 + 0.8y and I = 10. Autonomous consumption is
A) 10. B) 32. C) 40. D) 50.
The production function is a relationship between the amount of labor employed and
A) the wage rate paid to the workers. B) the maximum quantity of real GDP that can be produced. C) the maximum quantity of nominal GDP that can be produced. D) the amount of labor workers supply. E) all other resources at different levels of employment.