Many social policies, such as progressive income tax systems, are based on the idea that
a. everyone values money the same
b. politicians are more responsive to the interests of the rich
c. interpersonal comparisons of utility, however difficult, can be made
d. the poor have a lower consumer surplus than the rich
e. everyone has the same utility function
C
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Government institutions that protect the rights of individuals are ______
a. the executive, legislative, and judicial branches of government b. federal, state, and local governments c. federal agencies such as OSHA, FEC, and the FCC d. police, military branches, and the court system
Any market that we are studying and the markets for the related inputs must all be in equilibrium at the same time. This leads to:
A. simultaneous equilibrium effects. B. partial equilibrium effects. C. general equilibrium effects. D. equilibrium-induced changes.
The fraction of a change in disposable income that is consumed is called _____
Fill in the blank(s) with the appropriate word(s).
Refer to Figure 12.7. If Barney got to move first instead of Fred, the path of the game would be:
A. Barney stays out and Fred chooses a large quantity. B. Barney enters and Fred chooses a large quantity. C. Barney stays out and Fred chooses a small quantity. D. Barney enters and Fred chooses a small quantity.