The contributive standard (merit standard) for distributing income implies that
A) income should be distributed equally.
B) income should be distributed according to need.
C) income should be distributed according to the marginal productivity of workers.
D) a transfer should be contributed to an individual above his or her contribution to net output.
Answer: C
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In the long run, the Phillips curve is a ________ at ________.
Fill in the blank(s) with correct word
New growth theory argues that
A) growth relies on maintaining lower growth rates of population, especially in less developed countries. B) technology cannot be looked at as an outside factor without an explanation of what drives it. C) technology is the key factor that explains growth but technology is beyond economic explanation itself. D) growth is due to the proper government policies concerning interest rates.
If the price of a DVD falls from $20 to $12 and the quantity of DVDs supplied decreases from 118,000 per hour to 100,000 per hour, using the midpoint formula the elasticity of supply equals
A) 0.33. B) 2.94. C) 3.08. D) 0.23. E) -3.08.
In comparison to the oversimplified formula for the multiplier, the real-world multiplier is
a. lower. b. higher. c. almost equal to it. d. higher if taxes are included.