Deciding what the distribution of income should be is an example of positive economicsGroup of answer choicesTrueFalse

Using your basic knowledge of economics, evaluate the extent to which income re-distribution is necessary to reduce the level of income inequality in society

If a good is normal, then an increase in income will result in A. a downward movement along the demand curve B. a decrease in the demand for the good C. an increase in the demand for the good D. an upward movement along the demand curveReset Selection

In the United States, wealth is more unevenly distributed than income.Group of answer choicesTrueFalse

Positive economics seeks to: Group of answer choicesdetermine the most appropriate economic goals for society.determine what government economic policies are best.objectively explain how the economy functions.objectively explain how societies value different economic outcomes.

A negative income elasticity of demand indicates that the productMultiple Choiceis an inferior good.is a normal good.is a complementary good.is a substitute good.