Which of the following is true of welfare states?
A) Resources are not equally distributed in a welfare state.
B) Resources are efficiently allocated in a welfare state.
C) A welfare state entails a huge cost on the society.
D) A welfare state usually has a regressive tax system.
C
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The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. Lotus Land is in short-run macroeconomic equilibrium
In the long run, if aggregate demand does not change, then Lotus Land will return to full employment as ________. A) the money wage rate rises B) the money wage rate falls C) businesses cut their imports D) the government cuts taxes
The table above shows the PPF of an island community. This community's opportunity cost of producing 1 pound of fish ______
A. is the increase in the quantity of berries gathered as the quantity of fish increases by 1 pound B. increases as the quantity of berries gathered increases C. is 10 pounds of berries if the quantity of fish increases from 2 to 3 pounds D. increases as the quantity of fish caught increases