The way income is allocated among the population is called the
A. distribution of income.
B. Gini allocation.
C. income curve.
D. income spread.
Answer: A
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Because majority voting fails to incorporate the strength of the preferences of individual voters, it:
A. creates negative externalities. B. under some circumstances produces economically inefficient outcomes. C. leads to market failure. D. leads to politics dominated by special interest groups.
The production function illustrates
A. The Law of Demand. B. The Law of Increasing Opportunity Cost. C. The Law of Diminishing Marginal Utility. D. The Law of Diminishing Marginal Returns.
Macroeconomics
A. deals with both individual decisions and the sum of those individual decisions. B. studies the behavior of individual consumers, firms and markets. C. studies the behavior of the economy as a whole. D. involves the interaction between different countries in specific markets.
Each citizen in Nexus City has to pay $20,000 as income tax. This is an example of a ________
A) proportional income tax B) progressive income tax C) lump-sum tax D) regressive income tax