Which of the following is not a source of income inequality?
A. Inherited wealth
B. Differences in ability
C. Negative income taxes
D. Luck
Answer: C
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If more insurance companies decide to cover part of the price of voluntary laser eye surgery and more doctors decide to enter the field of laser eye surgery, what will happen in the market for laser eye surgery as a result of these two factors?
A) Demand and supply will both increase. B) Demand will increase, but these two factors will not shift the supply curve. C) Supply will increase, but these two factors will not shift the demand curve. D) Demand will increase and supply will decrease.
The short-run Phillips curve is based upon labor contracts that reflect a given expected _____
a. price level b. unemployment level c. money supply d. aggregate demand e. unemployment rate