John Stuart Mill first proposed
A. the labor theory of value.
B. the idea of utilitarian justice.
C. the theory of distributional justice.
D. the theory of comparative advantage.
Answer: B
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In the United States, wealth is more unevenly distributed than income
Indicate whether the statement is true or false
Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. If Sam takes fewer hours of leisure in the winter than in the summer, we can assume that his labor supply curve for the range of earnings in this example
a. is horizontal. b. is vertical. c. is upward sloping. d. has a backward-sloping portion.
What concept is associated with the notion that employers can get greater effort from workers by paying them a relatively high, above-equilibrium wage?
A. Profit sharing B. Efficiency wages C. Piece rate wages D. Bonus or commissions
Use the following graph showing the average total cost curve for a perfectly competitive firm to answer the next question.
At the long-run equilibrium level of output, this firm's total revenue
A. is $400. B. is $10. C. is $40. D. cannot be determined from the information provided.