A case for equality of income distribution can be based on
a. the randomness of personal misfortune
b. the linkage between effort and reward
c. the ethic "from each according to his or her ability to each according to his or her ability"
d. allowing the market to dictate outcomes
e. maximization of opportunity
A
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Costs paid in money to hire a resource is
A) normal profit. B) an implicit cost. C) an explicit cost. D) an alternative-use cost. E) economic profit.
Graphically illustrate the quantity rule and the shutdown rule for a price-taking firm.
What will be an ideal response?
Which of the following is a characteristic of a monopolistically competitive market?I.Firms sell differentiated products.II.Each firm is earning a zero economic profit in the long run.III.Potential entrants face artificial barriers to entry.
A. I only B. I and II only C. II and III only D. I, II, and III
Explain the relationship between a current account deficit and the flow of funds.
What will be an ideal response?