The basic liberal solution to welfare dependency is __________.
Fill in the blank(s) with the appropriate word(s).
government jobs
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A valid argument against redistributing income to achieve complete equality is that
a. income equality would destroy the social cohesiveness that exists among different income groupings. b. this would eliminate the monetary incentives to work and produce. c. the cost of obtaining the equality would be so deflationary as to promote economic instability. d. income equality would imply class segregation based on factors such as sex or race since income would be constant.
Suppose there is a flood in St. Louis, Missouri, that destroys several beer bottling facilities. Which of the following would not be a direct result of this event?
a. Sellers would not be able to produce and sell as much as before at each relevant price. b. The supply would decrease. c. Buyers would not be willing to buy as much as before at each relevant price. d. The equilibrium price would rise.
The purpose of the World Trade Organization (WTO) is to
A. Protect workers from foreign competition. B. Protect producers from foreign competition. C. Ensure that there are no losers as a result of free trade. D. Enforce the rules of free trade.
The rationale for ability-to-pay taxation and the contention that those with large incomes should pay more taxes both absolutely and relatively is that:
A. rational consumers spend their first dollars of income on the most urgently desired goods and successive dollars on less essential goods. B. high-income receivers are generally in a better position to shift taxes than are low-income receivers. C. taxes should be paid for financing public goods in direct proportion to the satisfaction an individual derives from those goods. D. the transfer system is regressive and it is therefore essential to have an offsetting progressive tax structure.