ECON 1000 Midterm: ECON 1000 Kennesaw State ECON1000 Summer2018 Exam3D Key
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As of 2015, the highest marginal tax rate for the u. s. federal income tax is. ________________ refers to a difference in wages/income due to a difference in working conditions or job attributes. The maximin criterion suggests that government should aim to maximize the well-being of the worst off person in society. ___________________ describes an assessment of the production process which attributes all economic surplus generated from a production process to labor, an idea based upon the ideas of. As of 2012, government spending on welfare programs in the u. s. was roughly. A lorenz curve must pass through the points (0,0) and (1,1). The u. s. economy grew for an uninterrupted 10 year period from. Based upon this graph, it appears as if production and consumption of this good generates a negative externality (but no positive externality). At the free market outcome there would be a deadweight-loss equal to. __________ units would be produced/traded/consumed in this market.
