To a Marxist, income inequality derives from
a. purely random events
b. incompetent government policy
c. unequal education
d. unequal distribution of property
e. unequal abilities of individuals
D
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If a bottle of fine French wine costs US$250 in the U.S., 2500 rand in South Africa, there are no transaction costs, and the exchange rate is 5 rand/US$, then
A) there is an arbitrage opportunity by buying the wine in the U.S., and selling it in South Africa and the price in South Africa will drop. B) there is an arbitrage opportunity by buying the wine in South Africa., and selling it in the U.S. and the price in the U.S. will drop. C) here is an arbitrage opportunity by buying the wine in South Africa., and selling it in the U.S. and the price in the U.S. will rise. D) there is no arbitrage opportunity.
The physical and mental talents people bring to production processes comprise the resource called
A) entrepreneurship. B) natural resources. C) capital. D) labor.