Mariam earns more than Seamus and she came by her income fairly and honestly which of the following political philosophies would argue against the redistribution of income from Mariam to Seamus ?

Related Mcqs:

1. Rawls’s miximin criterion does not mean that there should be redistribution so as to equalise everyone’s incomes in society because ?

   A. Such redistribution would mean that those who worked hard were no better off than those who were lazy and this would be unfair.
   B. such redistribution would not maximize the total income of all members of society
   C. Such redistribution would remove the incentive to work hard, so society’s total income would fall, and so the least well off person would be worse off than they could be under a system in which there was some inequality income.
   D. such redistribution would amount to confiscation of honestly earned income from higher earners and so would be unjust.

2. In a competitive economy, a worker earns an income equivalent to ?

   A. The amount of brain drain
   B. Marginal utility
   C. Marginal Product
   D. The substitutability of labor to capital

3. Suppose that ABC publishing sells an economics textbook and accompanying study guide. Raheel is willing to pay Rs75 for the text and Rs15 for the study guide. Mariam is willing to spend Rs60 for the text and Rs25 for the study guide. Suppose both the book and study guide have a zero marginal cost of study production. If ABC publishing engages in tying the two products its best strategy is to charge a combined price of ?

   A. Rs 60
   B. Rs 90
   C. Rs 85
   D. Rs 75

4. Suppose that ABC publishing sells an economics textbook and accompanying study guide. Raheel is willing to pay Rs75 for the text and Rs15 for the study guide. Mariam is willing to spend Rs60 for the text and Rs25 for the study guide. Suppose both the book and study guide have a zero-marginal cost of study production. If ABC publishing charges separate price for both products its best strategy is to charge price that when combined, total ?

   A. Rs 85
   B. Rs 75
   C. Rs 80
   D. Rs 60

5. Rank utilitarianism liberalism, and libertarianism in sequence from the political philosophy that would redistribute income the greatest to the one that would redistribute income the least?

   A. utilitarianism, liberalism, libertarianism
   B. All three political philosophies argue for similar degree of income redistribution
   C. liberalism, libertarianism, utilitarianism
   D. libertarianism liberalism, utilarianism
   E. libertariansim, utilitarianism, libertarianism

6. The World Bank’s GNP per capita classification for low income middle income and high income countries respectively is ?

   A. less than $900, $900-$9000 and more than $9000
   B. less than $5000, $5000-$15000 and more than $15000
   C. less than $100, $100-$1000 and more than $1000
   D. less than $5000, $5000-$150000 and more than $150000

7. A tax for which high income taxpayers pay a smaller fraction of their income than do low income taxpayers is known as ?

   A. a proportional tax
   B. a regressive tax
   C. an equitable tax
   D. a progressive tax

8. If the income tax rate changes from 30% to 40% on income over Rs30,000 and a person’s income is Rs 31,000 then her marginal tax rate is ?

   A. 30%
   B. 10%
   C. 70%
   D. 40%

9. ________ protection such as the escape clause, provide temporary protection to domestic industries facing competition from fairly traded foreign goods?

   A. generalized system of preference
   B. countervailing duty
   C. domestic content
   D. safeguards

10. If both input and output markets are competitive and firms are profit maximizing, then in equilibrium each factor of production earns ?

    A. an amount equal to the price of output times total output
    B. the amount allocated by the political process
    C. an equal share of output
    D. the value of its marginal product