The productivity standard for the distribution of income can be thought of as
A) rewarding people according to their ability to produce useful goods.
B) benefiting only the least productive worker.
C) proving that egalitarians are correct.
D) rewarding only the wealthy.
Answer: A
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In building a model the assumption that allows economists to study only the factors being analyzed is the
A. the self-interest assumption. B. rationality assumption. C. the scarcity assumption. D. ceteris paribus assumption.
What is the value of marginal product of labor?
What will be an ideal response?
Refer to the above figure. As more and more firms are able to and actually do enter the industry, the demand curve of each firm and its marginal revenue curve
A) will shift inward until the demand curve is tangent to the average total cost curve. B) will become vertical. C) will become upward sloping. D) None of the above will occur.
The marginal resource cost of input is the amount that an extra unit of that input adds to the firm's total costs
a. True b. False Indicate whether the statement is true or false