Which one of the following is based on the idea that the marginal utility of income diminishes as income increases?
a. Progressive taxation
b. Capital controls
c. Minimum wages
d. Price controls
e. Employee compensation regulations
a
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The marginal productivity theory of income distribution was developed by
A) William Stanley Jevons. B) George Akerlof. C) John Bates Clark. D) Edward Lazear.
John has decided to watch the sunrise tomorrow morning. The sunrise is an example of
A) a good. B) an economic good. C) a service. D) an economic bad.
How might a nation expand its production possibilities?
A. By engaging in barter transactions to facilitate trade B. By investing in new technology and business equipment C. By engaging in direct production rather than roundabout production D. By specializing in the production of a particular good
The cost to a physician of tending a patient is
A) dependent on the number of years over which the physician practices. B) higher for a recent medical-school graduate than for a physician with a well-established practice. C) the value of the time when spent in its next best use. D) zero under a system of complete and comprehensive medical insurance.