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
Answer: A
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A dominant strategy is one that
a. makes every player better off b. makes at least one player better off without hurting the competitiveness of any other player c. increases the total payoff for one player d. is best for a player, regardless of what strategy other players follow e. leads to quicker convergence to market equilibrium
The forward exchange rate:
A. is the same as the spot rate. B. is the rate at which foreign exchange dealers are willing to commit today to buying or selling a currency in the future. C. is a synonymous term for the nominal exchange rate. D. is always above the spot rate since it carries greater risk.
If the domestic price is below the world price of a certain product, the domestic country will export the product.
Answer the following statement true (T) or false (F)
Refer to the below graph. If the MRC being horizontal means that:
A. The firm could hire addition labor without changing the wage rate
B. The firm is selling its product in a purely competitive market
C. The firm has a constant total cost of production
D. The firm has perfectly elastic labor demand