Ihw1ans - Ihw1ans Question10 - Single Correct 1.0 Point...

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Ihw1ans Question10 - Single Correct 1.0 Point Senator Smith wants to increase taxes on people with high incomes and use the money to help the poor. Senator Jones argues that such a tax will discourage successful people from working and will therefore make society worse off. An economist would say that A we should agree with Senator Smith. B we should agree with Senator Jones. C a good decision requires that we recognize both viewpoints. D there are no tradeoffs between equity and efficiency. JONES’ POSITIVE ECONOMIC STATEMENT: TAXES DISCOURAGE WORKING AND THUS WILL REDUCE OUTPUT SMITH’S NORMATIVE POSITION – BETTER TO LOSE SOME EFFICIENCY AND OUTPUT AND TO REDISTRIBUTE INCOME IN A WAY THAT HE FEELS IS SOCIALLY BETTER. BOTTOM LINE, POSTIVE STATEMENT IS ‘CORRECT’, WHETHER WE SHOULD DO IT OR NOT IS A VALUE JUDGEMENT Question11 - Single Correct 1.0 Point Which of the following words and phrases best captures the notion of equity? A minimum waste B maximum benefit C sameness D fairness DEFINITION (DON’T CONFUSE WITH THE USE TO REFER TO STOCKS) Question16 - Single Correct 1.0 Point GARBLED. HERE’S THE ORIGINAL 16. (1 points)
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This document was uploaded on 10/31/2011 for the course 202 101 at Rutgers.

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Ihw1ans - Ihw1ans Question10 - Single Correct 1.0 Point...

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