We measure a person's productive contribution in a market system by
A. the profit maximization theory of the firm.
B. the egalitarian theory of wage determination.
C. the marginal revenue product theory of wage determination.
D. the marginal factor cost theory of the firm.
Answer: C
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If we were to pay everyone exactly the same income
A) there would be a large amount of economic growth. B) there would be no incentive to invest in human capital. C) more people would seek an education. D) productivity would increase.
Refer to Common Property II. If the common property is privately owned, the surplus to the consumers is
a. Area I b. Area I + F + G c. Area I + F + G + H d. zero.
Reducing class size will
A. improve student test scores. B. decrease student test scores. C. have no impact on student test scores. D. have an undetermined impact on test scores.
How does a market demand curve differ from an individual demand curve?
a. It forms a triangle. b. It is inverted. c. It has steps. d. It is smoother.