The maximin criterion suggests that social policy should
a. expropriate the factors of production from the capitalist class.
b. ensure an equal distribution of income.
c. elevate the well-being of those at the bottom of the income distribution.
d. elevate the well-being of all workers.
c
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In perfect competition, the demand faced by a single firm is perfectly
A. elastic, because many other firms produce the same standardized product. B. inelastic, because many other firms produce the same standardized product. C. inelastic, because the firm produces a differentiated product. D. elastic, because the firm produces a differentiated product.
Which of the following statements is true?
A) An increase in the nominal wage rate leads to a decrease in the real wage rate if the price level is stable. B) In an economy which has a positive inflation rate, the real wage rate is always greater than the nominal wage rate. C) An increase in the real interest rate always encourages higher savings. D) An increase in the real interest rate might discourage savings.
If real GDP has increased, which of the following statements is always true?
A) Nominal GDP has increased. B) Output has increased. C) Prices have remained the same. D) Output might have decreased if prices have risen enough.
Invention cannot be successful financially if price is
a. greater than marginal cost because invention is based largely on social costs. b. greater than marginal cost because invention is based solely on external costs. c. equal to marginal cost because invention is based largely on variable costs. d. equal to marginal cost because invention is based largely on fixed costs.