The egalitarian principle says
A) that everyone should have exactly the same income.
B) that the age-earnings cycle should determine income.
C) that people should be compensated on the basis of what they produce.
D) that people should be compensated on the basis of their need.
Answer: A
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Which of the following correctly describes the spending multiplier?
a. The initial change in aggregate expenditure (either consumption, investment, government, or net exports) divided by the change in equilibrium output. b. An initial increase in aggregate demand divided by the change in equilibrium output. c. An initial decrease in aggregate demand divided by the change in equilibrium output. d. The multiple by which real GDP changes for a given initial change in spending.
The Sudsy Soda Company will not sell its soft drinks to a restaurant unless that business also buys paper cups from Sudsy. This requirement is an example of
A) product versioning. B) tie-in sales. C) price differentiation. D) complementary pricing.
In a diagram showing the average total cost and average variable cost curves, the minimum point of the average total cost is
A) at the same level of output as the minimum point of the average variable cost. B) at a larger level of output than the minimum point of the average variable cost. C) at a lower level of output than the minimum point of the average variable cost. D) at the same level of output as the maximum of the total product curve.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, if Jerry was efficient with his resources, he could have produced:
A. 6 dishes and 2 fences. B. 10 dishes and 2 fences. C. 8 dishes and 2 fences. D. 12 dishes and 0 fences.