Which of the following statements is false?
A. One of the basic principles capitalism is based on is to "trust no one."
B. To have real competition in a market economy no one business should be able to have any influence over price.
C. A basic trade-off exists between the goals of equity and efficiency for a society.
D. The forces of supply and demand will NOT automatically lead to an equitable distribution of income.
A. One of the basic principles capitalism is based on is to "trust no one."
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A substantial increase in the legal minimum wage will tend to
A) expand employment by increasing purchasing power and hence the demand for output. B) improve the position of the least skilled persons in the labor force. C) reduce employment by raising the cost of hiring some employees above their expected worth to potential employers. D) reduce the wages of highly skilled and highly paid employees.
Exchange rate transactions that involve the immediate transfer of bank deposits are known as ________
A) backward transactions B) forward transactions C) spot transactions D) dog transactions
Sarah can bake 200 cookies in an hour or watch her favorite tv show. If she chooses to watch her show, her opportunity cost is
a. 200 cookies b. 100 cookies c. 150 cookies d. Need more information
If the wage rate is $5 per hour, regardless of how many laborers are employed, the
a. labor supply curve is horizontal b. labor supply curve is upward sloping c. MPP must be constant d. labor supply will increase at an increasing rate e. labor supply will increase at a decreasing rate