One productivity standard for income distribution stated in the text is
A) income distribution should be based on contribution to society's total output.
B) tax payments are higher for higher income people.
C) poor people pay too much in taxes.
D) the poor should contribute more to society.
Answer: A
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Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and costs $1.00. How should Pat get to work?
A. Pat should drive if saving half an hour is worth $0.50 or more. B. Pat should drive because it saves half an hour relative to taking the bus. C. Pat should take the bus if saving half an hour is worth $0.50 or more. D. Pat should take the bus because it costs $0.50 less than driving.
The duration of a recession is measured from:
A. trough to peak. B. peak to trough. C. trough to trough. D. peak to peak.
The marginal propensity to save is:
A. Equal to (1 + MPC). B. The fraction of each additional dollar of saving that goes to the stock market. C. The fraction of each additional dollar of disposable income that goes to saving. D. (Total savings) รท (total disposable income).
The argument that foreign trade should be restricted to protect domestic employment and output is based on the idea that:
A. consumers are willing to pay higher prices for domestic goods. B. producers will not exploit reduced foreign competition by charging higher prices. C. foreign companies are more costly to deal with than domestic companies. D. sales of imports come at the expense of domestic goods and jobs.