A person's productive contribution in a capitalist society is measured by determining the
A) market value of the individual's output.
B) comparable output of other workers in similar jobs.
C) total number of goods produced by the individual.
D) index of occupational values.
A
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How much is savings when disposable income is $5 billion?
Inefficiency exists in an economy when a good is
a. not being consumed by buyers who value it most highly. b. not distributed fairly among buyers. c. not produced because buyers do not value it very highly. d. being produced with less than all available resources.
richer, ceteris paribus, because transaction costs will be lower and trade greater
What will be an ideal response?
Suppose that the U.S. price of gold is $35 per ounce and the German price of gold is 100 Deutsche Marks (DMs) per ounce. What is the implied exchange rate between the dollar and the DM?
A) $0.35 = DM1 B) $3500 = DM1 C) $2.8571 = DM1 D) $0.28571 = DM1