Which Statement Is NOT an Argument of Those on the Political

question 148

Multiple Choice

Which statement is NOT an argument of those on the political left?

• A) Personal wealth is the product of community effort and individual effort.
• B) Public policy should ultimately be guided by human needs.
• C) The distribution of income is not a problem.
• D) Greater government taxation can lead to less income inequality.

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Definitions:

Capital

Refers to financial resources, assets, or funds a company or individual possesses for pursuing investment opportunities or operational activities.

Isoquants

Isoquants are curves representing combinations of inputs that yield the same level of output in production theory.

MRTS

Marginal Rate of Technical Substitution, the rate at which a firm can substitute one input for another while keeping the level of output constant.

Labor

The human effort, both physical and mental, that is used in the production of goods and services.