A major problem with using the egalitarian principle to distribute income is that
A) it would eliminate the incentives that rewards provide in an economic system.
B) it is difficult to know when an equal distribution of income has been achieved.
C) it would not be fair to the wealthy.
D) there exist no mechanisms to carry out such a scheme.
Answer: A
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The quantity supplied of corn is the number of bushels that corn farmers want to sell under the current market conditions, while the supply of corn is a set of price-quantity pairs showing the amounts that farmers wish to sell at various hypothetical prices. According to the law of supply, a rise in the price of corn will cause a rise in the quantity supplied of corn. Non-price factors that positively affect corn growers (such as improved weather conditions, better agricultural technology, and lower costs of fertilizer, seed, labor, and other inputs) would cause a rise in the supply of corn. A rise in quantity supplied is shown by moving up and to the right along the supply curve, and a rise in supply is shown by shifting the supply curve down and to the right.
What will be an ideal response?
A tax is imposed on employers and workers that are used to fund Social Security and Medicare. This tax is sometimes referred to as
A) the federal income tax. B) the Income Security Tax. C) the payroll tax. D) the ACIF.
The actions of the Fed: a. must be approved by the president and Congress
b. must be approved by the president alone. c. must be approved by Congress alone. d. are not subject to approval by any branch of government. e. are subject to the approval of the electorate.
When a resource supply curve slopes upward, as it usually does, earnings consist of both opportunity cost and ________ ________
a. actual costs b. economic rent c. actual pay d. it only consists of opportunity costs