The marginal productivity theory of income distribution was developed by
A) William Stanley Jevons. B) George Akerlof.
C) John Bates Clark. D) Edward Lazear.
C
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In the economic way of thinking, what do entrepreneur's and bureaucrats have in common?
A) They each advance projects solely in the public interest. B) They each advance projects only if the expected marginal benefits exceed the expected marginal costs. C) They each advance projects only if the expected marginal benefits are less than the expected marginal costs. D) They each advance projects only if they impose no negative externalities.
The time required _____ is not a time lag associated with using discretionary policy to correct an economic problem
a. to recognize the problem b. to decide how to handle the problem c. to set a policy change in action d. for a policy to affect economic variables e. to observe public reaction after a policy announcement is made
If a consumer is buying only two goods, A and B, then he or she will be in equilibrium only when MUa = MUb
a. True b. False Indicate whether the statement is true or false
The official measure of unemployment may underestimate actual unemployment because
a. people may lie when reporting they are looking for jobs b. the treatment of involuntary part-time workers and discouraged workers is misleading c. the population sample employed by the Labor Department is too small to be representative d. some individuals who should be receiving unemployment benefits do not receive them e. individuals who are unable to work are not included