Which of the following is NOT a normative standard for income distribution?
A. the egalitarian principle
B. the productivity standard
C. rewarding people according to merit
D. All of these are normative standards.
Answer: D
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The cost of an action is
A) indeterminate from a strictly economic point of view. B) the value of the next-best alternative opportunity sacrificed C) the cost to the consumer plus the cost to the producer. D) the number of consumers needed to set the price. E) measured only in money.
Legislators argue that a minimum wage law is instituted to help poor people. Economists can attack the minimum wage law on two fronts. First, some argue that government should not help the poor
Second, some argue that minimum wage laws actually hurt the poor because it creates unemployment. Which argument is normative and which is positive?
In the game in Scenario 13.17, Incumbent Monopoly has
A) an incentive to threaten accommodation, which would be credible. B) an incentive to threaten war, which would be credible. C) an incentive to threaten accommodation, which wouldn't be credible. D) an incentive to threaten war, which wouldn't be credible. E) no incentive to make a threat.
International data on real GDP per person gives us a sense of how standards of living vary across countries
a. True b. False Indicate whether the statement is true or false