Which of the following is NOT a normative standard for income distribution?
A) the productivity standard
B) the egalitarian principle
C) rewarding people according to merit
D) All of the above are normative standards.
D
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What is the opportunity cost of 1 ton of oranges for the nations of Argentina and Brazil, respectively?
A. .25 ton of apples and .5 ton of apples B. 10 tons of apples and 4 tons of apples C. .5 ton of apples and .25 ton of apples D. 4 tons of apples and 2 tons of apples
Specialization permits larger outputs and offers economies of large-scale production
a. True b. False Indicate whether the statement is true or false
Suppose there is currently a tax of $50 per ticket on airline tickets. Buyers of airline tickets are required to pay the tax to the government. If the tax is reduced from $50 per ticket to $20 per ticket, then the
a. demand curve will shift upward by $30, and the price paid by buyers will decrease by less than $30. b. demand curve will shift upward by $30, and the price paid by buyers will decrease by $30. c. supply curve will shift downward by $30, and the effective price received by sellers will increase by less than $30. d. supply curve will shift downward by $30, and the effective price received by sellers will increase by $30.
As one moves southeast on a downward sloping demand curve
A. demand becomes more inelastic. B. elasticity stays the same. C. demand becomes more elastic. D. one cannot tell what happens to elasticity unless the demand curve is linear.