Lifetime income is distributed
A) less equally than annual income and less equally than measured wealth.
B) less equally than annual income and more equally than measured wealth.
C) more equally than annual income and less equally than measured wealth.
D) more equally than annual income and more equally than measured wealth.
D
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An individual who drives a car without a muffler in an attempt to increase fuel economy is creating
a. a positive externality b. a public good c. a negative externality d. a winner's curse e. vertical inequity
The net increase to total surplus when a negative externality is corrected or eliminated is due to:
A. the transfer of surplus from those affected by the externality to the consumer. B. the reduced number of transactions in the market. C. the transfer of surplus from consumer or producer to those affected by the externality. D. None of these statements is true.