In Australia, It Would Be Possible to Justify a Higher

question 20

Multiple Choice

In Australia, it would be possible to justify a higher income tax on the rich by potential gains in:

• A)efficiency
• B)equity
• C)market power
• D)business ethics

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Definitions:

Rent

Payment made to use or occupy land, a building, machinery, or other assets for a specified period under a lease agreement.

MRP

An abbreviation for Marginal Revenue Product, which is the additional revenue generated from employing one more unit of a factor, such as labor or capital.

Workers

Individuals engaged in a profession or activity, especially one involving manual or physical labor, contributing to the production of goods and services in an economy.

Marginal Physical Product

The additional output produced by adding one more unit of a factor of production, such as labor, while keeping all other factors constant.