The common measure of wealth used in calculating the distribution of wealth includes
A) workers' claims on the Social Security system.
B) workers' claims on private pension funds.
C) financial assets.
D) human capital.
C
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Keynes and his followers believed that
A) the economy could not operate at any level of real Gross Domestic Product (GDP) less than full capacity. B) capitalism was one economic system that guaranteed full employment. C) wages and prices in the short run were flexible. D) there was no guarantee that a capitalist economy would reach a full employment equilibrium.
Which of the following illustrates the principle of second best?
A. A tax imposed on land, because this tax distorts economic decisions less than taxes on other factors of production. B. The government imposes a tax on a paper manufacturer that equals the cost of cleaning the river damaged by the waste discharged into the river by the paper manufacturer. C. The government decides to impose taxes on all grains, rather than imposing a tax only on wheat. D. The government imposes taxes on gasoline, and the tax revenue collected is used to pay for road repair.