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Suppose people freely choose to spend 40 percent of their income on health care, but the government decides to tax 40 percent of a person's income to provide the same level of coverage as before.
What can be said about deadweight loss in each case? A. Taxing income results in deadweight loss, while purchasing health care on one's own does not result in deadweight loss. B. Taxing income results in less deadweight loss, because government knows better what health care coverage is good for society. C. There is no difference because the goods are purchased in the market in either case. D. There is no difference because the total spending remains the same and the health care purchased remains the same.
B. Taxing income results in less deadweight loss, because government knows better what health care coverage is good for
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Original conversation
User: Suppose people freely choose to spend 40 percent of their income on health care, but the government decides to tax 40 percent of a person's income to provide the same level of coverage as before. What can be said about deadweight loss in each case? A. Taxing income results in deadweight loss, while purchasing health care on one's own does not result in deadweight loss. B. Taxing income results in less deadweight loss, because government knows better what health care coverage is good for society. C. There is no difference because the goods are purchased in the market in either case. D. There is no difference because the total spending remains the same and the health care purchased remains the same.

Weegy: B. Taxing income results in less deadweight loss, because government knows better what health care coverage is good for
Booknerd_lizzy|Points 350|

User: Countries can expect to gain from international trade as long as they

User: Which of the following is an example of the law of one price? A. Exchange rates tend to have equivalent values. For example, one Italian lire equals one U.S. dollar. B. Because people have essentially the same basic needs wherever they live, they tend to buy the same bundle of goods. C. Because wages are so much lower in China, eventually all U.S. jobs will be outsourced to China, leaving the US to import all goods at one price. D. Because their countries have similar institutions, the price paid for a computer in Germany and the United States are about the same when converted into the same currency.

Weegy: A. Exchange rates tend to have equivalent values. For example, one Italian lire equals one U.S. dollar is an example of the law of one price.
Expert answered|alfred123|Points 1744|

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Asked 3/10/2013 10:27:36 AM
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