Critics of an equal distribution of income argue that the effect would be to raise the incentive to be productive
a. True
b. False
Indicate whether the statement is true or false
False
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The theory of intertemporal choice was presented by ________
A) Adam Smith in 1776 B) Alfred Marshall in 1871 C) Irving Fisher in 1930 D) John Maynard Keynes in 1936
If a four-firm concentration ratio in an industry equals 75 percent, this implies that
a. 75 percent of all profits in the industry accrue to the leading four firms b. 25 percent of sales in the industry are accounted for by the four leading firms c. the four firms represent 75 percent of all the firms in the industry d. the four firms represent 25 percent of all the firms in the industry e. 75 percent of all sales in the industry are accounted for by the four leading firms
Gross domestic product refers to the: a. market value of all final goods and services produced in an economy during a year
b. market value of all goods and services produced by resources located outside the country. c. market value of all intermediate goods and services produced by resources located within the country. d. market value of all used goods exchanged within the country.
From society's perspective, a possible benefit of a cartel is that it could:
A. provide incentives for the introduction of superior products by competitors. B. not earn economic profits. C. minimize average total costs. D. provide incentives for firms to cooperate in setting price and output.