If income were distributed solely according to marginal productivity,
a. every family would be above the poverty level
b. it would be distributed evenly
c. it would be distributed normally
d. workers in capital-intensive industries would earn less than workers in labor-intensive industries
e. some individuals would not receive any income
E
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A typical American family sends about _____ percent of its budget on services.
A. 20 B. 32 C. 66 D. 70
Internal economies in the U.S. during its period of industrialization involved the
(a) production of goods in factories. (b) production in small, isolated towns spread throughout the U.S. (c) production of goods in factories grouped together in the same geographical region. (d) production of goods in isolated factories spread throughout the U.S.
How does the classical position on saving differ from Keynes's position?
A) Classical position: people save more at lower interest rates. Keynes's position: people save less at lower interest rates. B) Classical position: changes in the interest rate are irrelevant to saving decisions. Keynes's position: saving is directly related to the interest rate. C) Classical position: saving is directly related to the interest rate. Keynes's position: at times, saving may be inversely related to the interest rate. D) Classical position: saving can be inversely related to the interest rate. Keynes's position: consumption rises as saving rises. E) none of the above
The problem of asymmetric information is that:
A. neither health care buyers nor providers are well-informed. B. health care providers are well-informed, but buyers are not. C. the outcomes of many complex medical procedures cannot be predicted. D. insurance companies are well-informed, but policy purchasers are not.