Realistically speaking, complete income equality can be achieved only when
A)government taxes high incomes and redistributes the money to those with low incomes.
B)all consumers face the same market price.
C)individuals voluntarily give above-average income to below-average income earners to equalize incomes.
D)individuals stop acting in their own self-interest and produce all they can for the common good.
E)every individual receives exactly the same education.

Question

Quizplus · Accepted Answer

Income inequality is a result of various factors such as differences in education, skills, market demand, and many more. It is impossible to completely equalize incomes without any intervention. Government can play a role by offering progressive taxation and redistributing tax revenue to those with lower incomes. This can reduce the income gap and achieve a more equal distribution of income. However, it is worth noting that complete income equality may not be desirable or feasible as it can lead to disincentivizing work and reducing overall economic growth.

Realistically Speaking, Complete Income Equality Can Be Achieved Only When