Philosopher John Rawls's theory of justice presents an argument in favor of income equality that relies on the
a. belief that, objectively, people would rather trade the uncertainties of fortune for the certainty of moderate income
b. belief that human beings are perfectible, and it is the unequal distribution of property that creates unequal distribution of incomes
c. argument that in a world of identical individuals, equality of incomes achieves the greatest welfare number of people
d. argument that income equality breeds the most efficient use of economy's resources
e. idea that private property originates from theft
A
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At an annual interest rate of 14 percent, about how many years will it take $100 to double in value?
a. 3 b. 4 c. 5 d. 7
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
What is the result of an agricultural support price established above the equilibrium price?
A. There will be excess quantity demanded the product in this market. B. Since the support price is set above the equilibrium price, it will have no impact on the market price. C. There will be excess quantity supplied of the product involved. D. The market gravitates toward and remains in equilibrium.
To minimize costs, a firm should use more capital and less labor if the product derived from the last dollar spent on labor is ________ the product derived from the last dollar spent on capital.
A. equal to B. greater than C. less than D. either greater than or less than