Which of the distributive standards does NOT involve a value judgment?
A. egalitarian standard
B. merit standard
C. productivity standard
D. All of the standards involve value judgments.
Answer: D
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Asymmetric information is:
A) information revealed by economic agents turns out to be wrong. B) inflation forecasts are systematically to high or too low. C) some economic agents have more information than others. D) the government knows less about the economy than households and firms.
The term discouraged worker refers to an individual who: a. prefers full-time employment but works only part time
b. has given up looking for a job because he has lost the hope of getting a new job. c. is jobless because of the seasonal nature of his job. d. is jobless because of a recession in the economy.
For the nation's capital stock to grow, net investment must be positive.
Answer the following statement true (T) or false (F)
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.