A person's productive contribution in a capitalist society is measured by determining the
A. market value of the individual's output.
B. index of occupational values.
C. comparable output of other workers in similar jobs.
D. total number of goods produced by the individual.
Answer: A
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The cost of holding money is best described as
A) the cost of printing money. B) the cost which price decreases impose on money holders. C) the yield which is paid to money holders by the U.S. government. D) the yield that could have been earned had the asset been held in another form.
In Country X, the highest 10 percent of families account for 70 percent of the income. In Country Y, the highest 10 percent of families account for 20 percent of the income. In this example:
a. Country Y would be located on the line of perfect inequality. b. income is more equally distributed in Country Y. c. income is more equally distributed in Country X. d. Country X would be located on the line of perfect equality. e. the degree of income inequality is equal in both the countries.
Unlike a perfectly competitive firm, a monopolistically competitive firm
a. faces a perfectly inelastic demand curve. b. can earn positive economic profit in the short run and in the long run. c. cannot earn positive economic profit even in the short run. d. has a negatively sloped demand curve.
The goods or services purchased by a business for immediate use in the production process are known as
A. intermediate outputs. B. intermediate inputs. C. production outputs. D. production inputs.