The egalitarian principle says
A. that the age-earnings cycle should determine income.
B. that people should be compensated on the basis of what they produce.
C. that everyone should have exactly the same income.
D. that people should be compensated on the basis of their need.
Answer: C
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If the Federal Reserve increases the money supply, ceteris paribus, the:
a. rate of interest decreases. b. rate of interest increases. c. rate of interest is unaffected. d. Fed sells bonds.
If there is a technology improvement in a unionized labor market, this will
a. decrease the demand for labor, and the union will accept lower wages or fewer workers hired b. increase the demand for labor, and the union will accept lower wages or fewer workers hired c. decrease the demand for labor, and the union will demand higher wages or more workers hired d. increase the demand for labor, and the union will demand higher wages or more workers hired e. not affect the demand for labor, wages, or workers hired
Which of the following is not an example of market failure?
a. Lack of competition b. Efficient equilibrium c. Extreme income inequality d. Externalities
How would you describe the demand curve for the purely competitive firm? For the industry?
What will be an ideal response?