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Author Question: Refer to the Article Summary. The article discusses income inequality, and for some people this ... (Read 171 times)

tingc95

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on: Jun 29, 2018
Refer to the Article Summary. The article discusses income inequality, and for some people this means a more equitable distribution of income is needed in the economy.
 
  Would an equitable distribution of income necessarily be the most efficient distribution of income?
  A) No, it is impossible to have an economically efficient distribution which is also an equitable distribution.
  B) No, an economically efficient distribution of income would not necessarily be equitable.
  C) Yes, in order for the distribution to be equitable, it must also be efficient.
  D) Yes, equitable and efficient are two different words which have the same definition.

Question 2

Explain the combined effects of these events on U.S. real GDP and the price level, starting from a position of long-run equilibrium.
 
  What will be an ideal response?


Carliemb17

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

The combined effect of an expansion in the world economy, the expectation of higher profits in the future, and an increase in government expenditures increase aggregate demand, which increases real GDP and raises the price level.


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