Friedrich Nietzsche's views on income distribution and fairness can best be described by the statement:
A. An efficiently operating marketplace will generate an equal distribution of income without government intervention.
B. Society's goal should be to maximize the welfare of the least well-off, but some inequality is necessary to meet this goal.
C. A high level of income inequality is necessary to sustain the arts, beauty, education, and civilization.
D. The lesser individuals' duty should be to work for the well-being of the brightest individuals.
Answer: D
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According to Professors Cowen and Tabarrok, the most efficient gift is:
A. charitable donations made in someone's name. B. cash. C. paternalistic gifts like mittens. D. books on economics.
The price index was 150 in the first year, 160 in the second year, and 165 in the third year. Which of the following statements is correct?
a. The price level was higher in the second year than in the first year, and it was higher in the third year than in the second year. b. The inflation rate was positive between the first and second years, and it was positive between the second and third years. c. The inflation rate was lower between the second and third years than it was between the first and second years. d. All of the above are correct.