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Principles of Economics-Quiz _ Fall 2018

Economics_Quiz

Q The "Robin Hood" tax policy, which taxes the rich to give to the poor, is best described by economists as:Which of the following statements in the context of poverty in the U.S. is true?Nations trade what they produce in excess of their own consumption to:Which of the following results from the market system of resource allocation?The product life cycle theory predicts that comparative advantage shifts away from the country of origin if:

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1.a progressive tax policy.2.Minorities, young and disabled have a higher likelihood to fall into poverty3.acquire other things that they want to consume.4.Unequal distribution of income and wealth5.other countries develop highly skilled labor force to improve product quality.