Suppose that Jamal is moving to a state where personal incomes are distributed randomly. If Jamal believes in liberalism, he would prefer
a. an income distribution that is relatively equal.
b. that everyone has the same work opportunities and market-determined wage rates.
c. that private property be transformed to government property to safeguard people's incomes.
d. less economic assistance to the poor because it distorts the price system.
a
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Over time, overall responsibility for formulating monetary policy has become increasingly concentrated in the
A) Federal Reserve Bank of New York. B) Council of Economic Advisors. C) Federal Deposit Insurance Corporation. D) Federal Reserve Board of Governors.
The owner of a produce store found that when the price of a head of lettuce was raised from 50 cents to $1, the quantity sold per hour fell from 18 to 8. The arc elasticity of demand for lettuce is
A) -0.56. B) -1.15. C) -0.8. D) -1.57.