One productivity standard for income distribution stated in the text is
A. tax payments are higher for higher income people.
B. poor people pay too much in taxes.
C. the poor should contribute more to society.
D. income distribution should be based on contribution to society's total output.
Answer: D
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Suppose a bank has $1 million in deposits, a reserve ratio of 25 percent, and reserves of $250,000. This bank has excess reserves of
A) $250,000. B) $125,000. C) $62,500. D) $0.
The following condition describes the economic term “scarcity”:
a. The number of rental cars available at the airport b. The quality of the air that we breathe c. The time it takes to learn a new skill d. Global oil reserves are limited.
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom's budget constraint is AC. Given his current monthly income he will not have enough income to purchase the bundle represented by point
A. A. B. B. C. E. D. D.
Which of the following will improve your bargaining position with customers
a. The product your team produces has become more costly to produce b. New firms have entered the market with competing products for the ones your team produces c. Your competitors have developed new products that contain more of the features that your team produces d. There are fewer close substitutes for the product your team supports