In the 1980s, ___________________ strictly adhered to the communist credo, "From each according to his ability, to each according to his needs".
A. China, but not the Soviet Union
B. The Soviet Union, but not China
C. Both China and the Soviet Union
D. Neither China nor the Soviet Union
B. The Soviet Union, but not China
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An advantage of a negative income tax is _____
a. it is more paternalistic than in-kind transfer payments b. it could replace many existing transfer programs c. it eliminates the incentive to substitute into leisure d. it has no excess burden
Assuming the economy is experiencing a recessionary gap, classical economists predict that: a. wages will remain fixed
b. monetary policy will sell government securities. c. higher wages will shift the short-run aggregate supply curve leftward. d. lower wages will shift the short-run aggregate supply curve rightward. e. none of the above.
When marginal revenue equals price for all levels of output, the firm is operating in a perfectly competitive market
a. True b. False
In producing a sweater, a man who shears sheep pays a farmer $4 for a sheep. The shearing shop sells the wool to a knitting mill for $7 . The knitting mill buys the wool and makes it into a fine fabric and sells it to a sweater-making firm for $13 . The sweater- making firm sells the sweater to a clothing store for $20, and the clothing store sells the sweater, gift wrapped, for $50 . What is the
contribution to GDP of the previous sales transactions? a. $4 b. $20 c. $24 d. $50 e. $94