To a Marxist, income inequality derives from
a. purely random events
b. incompetent government policy
c. unequal education
d. unequal distribution of property
e. unequal abilities of individuals
D
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A stronger dollar leads to lower input prices for U.S. firms because
A) U.S. workers are willing to work for less pay because of the stronger dollar. B) U.S. producers of intermediate goods lower prices in order to benefit from the stronger dollar. C) both exports of raw materials and intermediate goods are lower in prices. D) both imports of raw materials and intermediate goods are lower in prices.
Vouchers create the efficient outcome only if production is such that the marginal social cost
A) exceeds the marginal private benefit. B) equals the marginal external benefit. C) equals the marginal social benefit. D) is decreased so it equals the marginal private cost.
Fixed cost increases when output rises.
Answer the following statement true (T) or false (F)
If a market is productively efficient,
a. the output is being produced at the lowest possible resource cost b. the output is selling for the lowest possible price c. economic profit in the market is positive d. the output being produced is what consumers want e. no firm can earn a normal profit