Which of the following is considered a contributive standard for the distribution of income?
A) rewarding workers according to their productivity
B) rewarding workers according to their needs
C) rewarding workers according to the number of their dependents
D) all of the above
A
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Refer to the scenario above. Suppose Edwin consumes the total output produced. What is likely to happen in this case?
A) GDP will remain unchanged. B) GDP will decrease. C) Trade surplus will increase by $200. D) GDP will increase.
Microeconomics is concerned with individual performance as well as the economy as a whole.
Answer the following statement true (T) or false (F)
Perfect competition is a situation in which
A. Every year, owners are likely to earn economic profits. B. There are many firms and several buyers or sellers have market power. C. There are many firms and no buyer or seller has market power. D. Every year, owners are likely to earn economic losses.
The costs that a firm incurs when it changes its production level are adjustment costs.
Answer the following statement true (T) or false (F)