The productivity standard says
A) that everyone should have exactly the same income.
B) that the age-earnings cycle should determine income.
C) that people should be compensated on the basis of what they produce.
D) that people should be compensated on the basis of their need.
C
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Use the above figure. If a commission regulates the above monopoly using marginal cost pricing, then the industry's output will be ________ and the product's price will be ________
A) Q2; P1 B) Q2; P3 C) Q3; P2 D) Q4; P1
The unreported or illegal production of goods and services in the economy that is not counted in GDP is termed:
A. money laundering. B. the underground economy. C. disposable personal income. D. indirect national income.
In the above figure, if the economy is in equilibrium at E1, then
A. there is an inflationary gap in the economy. B. the economy is producing below its potential long-run equilibrium at full employment. C. the economy is in a period of high inflation. D. the economy is producing above its potential long-run equilibrium at full employment.
When people make a decision to not participate in a program unless they actively enroll for it, program participation is:
A. likely to be lower than if people were automatically enrolled and had to actively opt-out of participating. B. exclusive, which always makes it more attractive to people. C. likely to be the same as if people were automatically enrolled and had to actively opt-out of participating. D. likely to be higher than if people were automatically enrolled and had to actively opt-out of participating.