A person's productive contribution in a capitalist society is measured by determining the
A) market value of the individual's output.
B) comparable output of other workers in similar jobs.
C) total number of goods produced by the individual.
D) index of occupational values.
Answer: A
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According to opportunity-cost theory, if more people learned how to repair their own automobiles, the wages of automotive mechanics would
A) decline as the highest-cost mechanics left the business. B) decline, because the marginal quality of the services provided would go down. C) not change because no change has occurred in demand or supply. D) rise, because mechanics would have to obtain more per hour to maintain their incomes. E) rise in order to compensate for the smaller demand.
Disclosure laws:
A. are an example of how government attempts to screen unethical businesses out of the marketplace. B. are an example of how government forces businesses to signal to consumers if they are credible. C. are a way businesses can build their reputation. D. are an example of how government attempts to solve information asymmetry in markets.
Under Alan Greenspan, the Fed:
A. Targeted interest rates only. B. Targeted the money supply only. C. Targeted the unemployment level. D. Used a mix of money-supply and interest-rate adjustments.
“Unexpected inflation is more beneficial to those who save than those who borrow.” Evaluate this statement. How does your answer change if the inflation is expected?
What will be an ideal response?