Marco earns more than Antonio. A legislator proposes taxing Marco to supplement Antonio's income. A libertarian would view this proposal as
a. a way to improve the welfare of all in society.
b. a way to enhance Antonio's income in a socially responsible way.
c. validation of the role of diminishing marginal utility over the maximin criterion.
d. an inappropriate role for government, since government should not redistribute income.
d
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When the marginal cost of producing a bike is greater than the marginal benefit of the bike, for resource use to be allocatively efficient,
A) more bikes should be produced. B) fewer bikes should be produced. C) no more and no fewer bikes should be produced. D) it must be determined if the production of bikes can be increased. E) people must be educated to demand more bikes.
In 1970, Professor Plum earned $12,000; in 1980, he earned $24,000; and in 1990, he earned $36,000 . If the CPI was 40 in 1970, 70 in 1980, and 130 in 1990, then in real terms, Professor Plum's salary was highest in
a. 1970 and lowest in 1980. b. 1970 and lowest in 1990. c. 1980 and lowest in 1970. d. 1980 and lowest in 1990.
What are the effects on a market when there is entry?
What will be an ideal response?
If the economy has no automatic stabilizers built in, the multiplier will
A. be smaller than it would have been with automatic stabilizers. B. be zero. C. be larger than it would have been with automatic stabilizers. D. be infinitely larger than it would have been with automatic stabilizers.