Economic theory tells us that inequality in income is unfair if differences in opportunity leads to inequality of income.
Answer the following statement true (T) or false (F)
False
Economic theory does not say anything about fairness.
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Refer to Monopoly Problem. This monopoly will charge
Consider a monopoly with constant marginal costs of $20. Consumers in the market for this monopoly’s product have demand of Q = 100 - 2P. a. $20 b. $25 c. $30 d. $35
Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for $12,000, her ________ would be ________.
A. economic surplus; $12,000 B. cost; $15,000 C. benefit; $12,000 D. economic surplus; $3,000
Refer to Table 2-17. What is Lucy's opportunity cost of making a tricycle?
A) 3/4 of a wagon B) 1 1/3 tricycles C) 3 wagons D) 2 tricycles
A small open economy reduces its desired saving. This causes the world real interest rate to ________ and the country's current account balance to ________
A) fall; fall B) remain unchanged; rise C) fall; rise D) remain unchanged; fall