"Dividing the economic pie more equally may reduce the size of the economic pie." This argument is characterized as:
a. a conflict between full employment and economic growth.
b. a form of discrimination.
c. a conflict between equity and efficiency.
d. untrue.
c
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Output (Total Product) is maximized when
A) average productivity is at its maximum. B) the "law of diminishing returns" sets in. C) marginal productivity is zero. D) marginal productivity is at its maximum.
An inferior good is one for which
A) demand increases as income increases. B) demand decreases as income increases. C) the demand curve is vertical. D) the demand curve slopes up.
The value of goods, services, incomes or wealth subject to taxation is
A) the tax base. B) a sales tax. C) the collected tax revenue. D) a unit tax.
Technological improvement always enhances the productivity of resources, and results in an increase in demand for other resources
Indicate whether the statement is true or false