Perfect income equality means:
A. everyone earns exactly what they're worth.
B. everyone earns the exact same amount.
C. people earn different amounts based on what they do, but everyone in the same job earns the same amount.
D. everyone enjoys exactly the same standard of living.
B. everyone earns the exact same amount.
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Refer to Price Ceiling. Area B + D represents
The following questions refer to the accompanying diagram which shows the effects of a price ceiling. The initial price and quantity are P0 and Q0, respectively, and the price ceiling is imposed at the price P1. Assume that none of the potential deadweight loss can be avoided.
a. the deadweight loss due to the price ceiling.
b. the fall in consumers' surplus caused by the imposition of the price ceiling.
c. the value of the time and resources spent by consumers to acquire the limited supply.
d. the post-ceiling profits earned by the producers of the good.
Large countries tend to be more open than small countries
Indicate whether the statement is true or false
In the U.S. economy, a large portion of investment decisions are made by
A. households. B. the private sector. C. the public sector. D. international organizations.
Government expenditures as a share of the U.S. economy are:
A. the largest in the world. B. the smallest in the world. C. smaller than most Western European countries. D. larger than Canada, France, and the United Kingdom but slightly smaller than Germany and Italy.