The philosopher John Rawls argued that   people would choose income inequality to allow the maximum use of their individual talents government has a role to ensure income equality to prevent social unrest people would choose equal opportunity because it is morally right people would choose a more equal distribution of income if they had to determine an economic distribution system before knowing their place in it

  What percent of income is going to the top 20% of earners? 1. 20% 2. 40% 3. 62% 4. 38%

The total amount of tax revenue generated from this tax is 1. $980 2. $700 3. $1400 4. $1260  

What is not a factor that can cause a  shift in the SUPPLY of a good? Subsidies Technology Price of Related goods Resource Costs

For a competitive market, a seller can always increase her profit by raising the price of her product if a seller charges more than the going price, buyers will go elsewhere to make their purchases a seller often charges less than the going price to increase sales  a single buyer can influence the price of the product but only when purchasing from several sellers in a short period of time  

  In this market, equilibrium price and quantity, respectively, are $10 and 30 $10 and 50 $10 and 70 $4 and 50

The price that buyers pay after the tax is imposed is $8. $10. $16. $24.  

Which of these scenarios will cause an increase in the price but a decrease in the quantity in a market?  (Hint: Try drawing each scenario and find where the new price and quantity is compared to the original equilibrium)   1. increase in demand 2. decrease in demand 3. increase in supply 4. decrease in supply

When a binding price ceiling is imposed on a market to benefit buyers, no buyers actually benefit some buyers benefit, but no buyers are harmed some buyers benefit, and some buyers are harmed all buyers benefit

The following table contains a demand schedule for a   Price Quantity Demanded $10 100 $20 Q1 If the law of demand applies to this good, then Q1 could be 1. 0 2. 100 3. 200 4. 400