The Idea That Unequal Incomes Are Unfair Generally Uses the ________

question 97

Multiple Choice

The idea that unequal incomes are unfair generally uses the ________ principle of fairness.

• A) it's not fair if the rules aren't fair
• B) involuntary exchange
• C) voluntary exchange
• D) big tradeoff
• E) it's not fair if the result isn't fair

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Definitions:

Elastic

A term used in economics to describe a situation where the demand for a good or service greatly changes in response to a change in price.

Excise Tax

A tax directly levied on certain goods, services, or activities, often with the aim of reducing their consumption or raising revenue.

Supply Curve

A graph that shows the relationship between the price of a good and the quantity supplied.

Excise Tax

A tax on the sale or use of specific products or transactions, often included in the price of the product.