The contributive standard of income distribution is met by
A. setting wages according to marginal productivity.
B. having the government determine all wages.
C. using local committees to determine the needs of families in the area.
D. having a highly progressive income tax.
Answer: A
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If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________
A) exceed its total fixed cost B) be less than its total economic loss C) equal its total cost D) be less than its total variable cost
Pretty Polly produces dresses for little girls. At its current advertising level, Pretty Polly's marginal cost of advertising is $500,000 and their marginal benefit is $750,000. Which of the following is true?
A) If the firm increases the amount of advertising, its net profits will decrease. B) The firm is currently maximizing its net profit. C) The firm should increase the amount of advertising to increase its net profit. D) The firm should reduce the amount of advertising to increase its net profit.
In economics, the term investment refers to:
a. the cost of employing human capital. b. expenditure on expense accounts of employees. c. firms' expenditure on salaries and rent. d. business spending for acquiring capital goods. e. the expenses on the purchase of stocks of a corporation.
What is the marginal tax rate of a lump-sum tax of $5,000?