Unequal outcomes are inherently unfair
Indicate whether the statement is true or false
F
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? Scalpers (people selling tickets at a price above the stated price, P*) were spotted at this year’s Super Bowl game. This suggest that
A. P* is less than the equilibrium price. B. P* is greater than the equilibrium price. C. P* is the equilibrium price. D. it’s not possible to determine anything about the equilibrium price with this information.
Which of the following is least accurate?
a. In 2007, the United States imports significantly more than it exports. b. Tariffs from imported goods accounted for over 90% of federal government revenue for the first 80 years of the United States. c. The largest trading partner of the colonial United States was England. d. In the late 1800s the US significantly increased its imports of raw materials to fuel its increased production of manufactured goods. e. During the Napoleonic War, the United States' exports decreased significantly because the war disrupted trade routes.
The concept of vertical equity is that
a. income should be taxed instead of property. b. property should be taxed instead of income. c. there should be little movement up or down the social scale. d. persons who are unequal should be treated unequally.
Whether the minimum wage is a binding price floor always depends upon whether the economy is in a recession
a. True b. False Indicate whether the statement is true or false