Exhibit 12-8 Negative income tax for a family
In Exhibit 12-8, consider a family that earns less than the break-even income level. For each $1 of earned income, this family's government payment will be reduced by:

Who was the author of the following prediction: in the absence of a system for enforcing order in society, life will be "solitary, poor, nasty, brutish, and short"?

A) Thomas Hobbes B) John Maynard Keynes C) Thomas Kuhn D) Jean-Jacques Rousseau E) Adam Smith

All actions and purchases, even those of wealthy people, involve a sacrifice

a. True b. False Indicate whether the statement is true or false