No economist today would claim that
a. marginal productivity analysis is either just or unjust.
b. the marginal productivity theory of distribution is a theory of the demand side of the pertinent market.
c. payments are made not to factors of production but to the people who happen to own them.
d. a productive input's MRP depends in part on how much of it is employed.
a
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In the Keynesian cross diagram, a decrease in investment spending because companies become more pessimistic about investment profitability causes the aggregate demand function to shift ________ and the equilibrium level of aggregate output to
________, everything else held constant. A) up; rise B) up; fall C) down; rise D) down; fall
A limitation of the discount rate as a policy tool is that the initiative for its use rests with
A) commercial banks. B) consumers. C) the U.S. Treasury. D) state governments.
A well-known women's college whose tuition lagged below similar schools found recruiting difficult and enrollment falling. A substantial tuition increase was implemented, and dormitories were soon full again. This can be explained by
a. the law of demand. b. the fact that education at the school was an inferior good. c. the fact that people sometimes base perceptions of quality on price (snob effect). d. elastic demand.
Under EPA regulations, a factory
a. must pay for the right to pollute. b. can increase air pollution from its grinding process if it decreases air pollution from its smelting process. c. cannot under any circumstances build a polluting factory in an area where pollution standards are not being met by existing firms. d. None of the above is correct.