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What are the effects of a government policy of redistributing income


A) It makes income distribution more equitable, and it also makes the allocation of resources more efficient.
B) It makes income distribution more equitable, but it makes the allocation of resources less efficient.
C) It makes income distribution less equitable, and it also makes the allocation of resources less efficient.
D) It makes income distribution less equitable, but it makes the allocation of resources more efficient.

E) A) and D)
F) B) and C)

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Jeremy earns more than Emily.A benevolent legislator has proposed taxing Jeremy in order to supplement Emily's income.How would a libertarian view this proposal


A) as a way to increase social justice
B) as a way to enhance Emily's income in a socially responsible way
C) as validation of the superiority of a libertarian maximin criterion over Rawlsian social justice
D) as an inappropriate role for government, since government cannot morally redistribute income that is not its own

E) None of the above
F) A) and B)

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Which statement best explains the difference between annual income and lifetime income


A) The distribution of annual income accurately reflects the distribution of living standards.
B) Lifetime incomes are more equally distributed than annual incomes.
C) Transitory changes in income generally have a significant impact on a family's standard of living.
D) Annual income is more equally distributed than permanent income.

E) B) and D)
F) All of the above

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When do people have their highest saving rates


A) when they are retired
B) when they are middle-aged
C) when they are married with young children
D) when they are young and single

E) All of the above
F) A) and B)

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What is the official measurement of the poverty line in Canada? What is the problem related to this measurement? What is the new “basic needs” measurement based on?

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Statistics Canada produces an annual est...

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According to the maximin criterion,income would be transferred from the rich to the poor as long as it does which of the following


A) raises the well-being of the least fortunate
B) does not alter incentives to work and save
C) promotes an egalitarian distribution of income
D) enhances the welfare of workers

E) All of the above
F) B) and D)

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What does a family's ability to buy goods and services largely depend on


A) its in-kind transfers
B) its annual income
C) its transitory income
D) its permanent income

E) C) and D)
F) B) and D)

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Based on data from 2011,approximately what percentage of all income in Canada did the bottom fifth of all families receive


A) 1
B) 8
C) 12
D) 48

E) All of the above
F) A) and B)

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What political party argues for the maximin criterion of maximizing the well-being of the worst-off person in society


A) utilitarian
B) liberalism
C) libertarianism
D) conservatism

E) A) and B)
F) All of the above

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Who espoused the view that was later coined "liberalism"


A) Robert Nozick
B) John Stuart Mill
C) John Rawls
D) Jeremy Bentham

E) B) and C)
F) A) and D)

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Economic mobility reflects transitory variation in income but not persistent changes in income.

A) True
B) False

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What is one reason for movement up the income ladder


A) good luck
B) minimum-wage law
C) welfare transfer
D) inflation

E) B) and C)
F) B) and D)

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A father earns 10 percent above his generation's average income.What have economists who study economic mobility found that,in Canada,his son will most likely earn


A) 5.0 percent below his generation's average income
B) an income equal to his generation's average income
C) 1.9 percent above his generation's average income
D) 3.5 percent above his generation's average income

E) B) and C)
F) None of the above

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The table below reflects the levels of total utility received from income for each of four members of a society. The table below reflects the levels of total utility received from income for each of four members of a society. a.Assume that the society has the following income distribution: Peter: $3 Paul: $7 Mary: $5 Jane: $3 Is it possible for the government to increase total aggregate utility by redistributing income among members of society Explain your answer. b.Assume that the government has $19 to allocate among the four members of society.(Assume that no one has any income to start with.) If the government is interested in distributing income in a way that maximizes aggregate total utility, how should it distribute the $19 of income c.Does the table above describe a situation characterized by diminishing marginal utility? Explain your answer. a.Assume that the society has the following income distribution: Peter: $3 Paul: $7 Mary: $5 Jane: $3 Is it possible for the government to increase total aggregate utility by redistributing income among members of society Explain your answer. b.Assume that the government has $19 to allocate among the four members of society.(Assume that no one has any income to start with.) If the government is interested in distributing income in a way that maximizes aggregate total utility, how should it distribute the $19 of income c.Does the table above describe a situation characterized by diminishing marginal utility? Explain your answer.

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a.No.If a dollar is taken from anyone,th...

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What do economists call the regular pattern of income variation over a person's lifetime


A) the life cycle
B) the life pattern effect
C) the cyclical redundancy effect
D) the periodic cycle

E) B) and C)
F) All of the above

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What does a cross-country comparison of income distributions suggest about Canada


A) Canada has one of the most unequal income distributions.
B) Canada has a higher percentage of poor families and a higher percentage of rich families than most countries.
C) Canada has a distribution in the middle of the group of countries that collected data.
D) Canada has relatively low income inequality.

E) All of the above
F) A) and B)

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The data used to measure inequality is based on annual income but people really care about their standard of living,so these measurement tools give an incomplete picture.

A) True
B) False

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What would a negative income tax system do


A) It would make taxes more regressive.
B) It would sever the link between tax policy and income distribution.
C) It would collect from high-income households and give transfers to low-income households.
D) It would eliminate tax progressivity.

E) A) and B)
F) All of the above

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Which aspect of measuring inequality raises no problematic issues


A) The measurements usually do not include in-kind transfers.
B) The measurements use lifetime incomes rather than annual incomes.
C) The measurements should use permanent income, not including transitory changes.
D) The measurements should use annual incomes, rather than lifetime incomes.

E) A) and B)
F) C) and D)

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Which country has the highest inequality of income


A) United States
B) China
C) Russia
D) South Africa

E) A) and C)
F) B) and C)

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