The "equality of opportunity" idea of fairness claims
A) a society should make the poorest as well off as possible.
B) the results and the rules should both be fair.
C) it's not fair if the rules aren't fair.
D) private property can be transferred under government order.
E) only a first-come, first-served system of allocating resources is fair.
C
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Which of the following chain of events occurs when a tariff is imposed on a good?
A) Domestic prices fall, shifting the demand curve rightward, and consumers buy more of the good. B) Domestic prices fall, decreasing the domestic quantity supplied and increasing the quantity demanded. C) Domestic prices rise, shifting the domestic supply curve rightward. D) Domestic prices rise, shifting the demand curve leftward and the domestic supply curve rightward. E) Domestic prices rise, decreasing the quantity demanded and increasing the domestic quantity supplied.
Producer surplus is the price of a good minus the opportunity cost of producing it, summed over the quantity produced
Indicate whether the statement is true or false