Generally speaking, income inequality is
A) higher in Europe than in the United States.
B) higher in the United States than in most of the developing world.
C) extremely high and does not vary much between nations in the developing world.
D) higher in the developing world than in the developed world.
D
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The big tradeoff between equality and efficiency exists because
A) redistribution uses resources and weakens incentives to work. B) redistribution uses resources and strengthens incentives to work. C) redistribution creates additional resources and weakens incentives to work. D) redistribution creates additional resources and strengthens incentives to work.
A subgame-perfect equilibrium:
a. is not a Nash equilibrium; it is a refinement of Nash equilibrium. b. is an equilibrium concept used in simultaneous games. c. is a special sort of Nash equilibrium. d. can be ruled out using backward induction.