Which of the distributive standards does NOT involve a value judgment?
A) productivity standard
B) egalitarian standard
C) merit standard
D) All of the standards involve value judgments.
Answer: D
You might also like to view...
In the long run, the effect of a reduction in the money supply is to
A) decrease both the price level and real Gross Domestic Product (GDP). B) decrease real Gross Domestic Product (GDP) only. C) decrease the price level and increase real Gross Domestic Product (GDP). D) decrease the price level only.
Refer to the accompanying figure, which shows the market for cups of coffee. If all buyers' reservation prices increase by $1.00, then the equilibrium price of coffee would:
A. increase by more than $1.00. B. increase by $1.00. C. would not change. D. increase by less than $1.00.
Which of the following statements about economic fluctuations istrue ?
A. A variety of spending, income, and output measures can be used to measure economic fluctuations because most macroeconomic quantities tend to fluctuate together. B. Economic fluctuations have been termed the "business cycle" because the movements in output are regular and predictable. C. A depression is a mild recession. D. A recession is when output rises above the natural rate of output. E. None of these answers are true.
If a profit-maximizing firm in a perfectly competitive market is currently producing the output where (price - average variable cost) > average fixed cost, the firm is:
A. making a positive economic profit. B. making a zero economic profit. C. suffering an economic loss. D. None of these