The productivity standard for the distribution of income can be thought of as
A. benefiting only the least productive worker.
B. proving that egalitarians are correct.
C. rewarding only the wealthy.
D. rewarding people according to their ability to produce useful goods.
Answer: D
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There is $5,000,000 of currency in Econland, all held by banks as reserves. The public does not hold any currency. If the banks' desired reserve/deposit ratio is 0.25, then the money supply equals:
A. $6,250,000 B. $10,000,000 C. $5,000,000 D. $20,000,000
An economy that is operating below its full-employment capacity is experiencing:
A. Say's Law. B. a recessionary gap. C. Keynesian aggregate demand. D. an inflationary gap.
A nominal value is measured:
A. by indexing. B. using the consumer price index. C. in terms of current dollar value. D. in physical terms.
Arnold Kim began blogging about Apple products during his fourth year of medical school. Kim's Website, MacRumors
com, became so successful that he decided to give up his medical career and work full time on his Website, despite the nearly $200,000 he had invested in his education. In making his decision, the $200,000 he spent on his education A) should be considered since it is money he could have used to invest in his Website. B) should be ignored only if Kim can earn more than $200,000 by running his Website. C) should be considered since it is money he has spent and needs to recoup. D) should be ignored since it represents a sunk cost.