In a competitive labour market firms will hire labour up to the point where the marginal revenue product of labour equals ?

Related Mcqs:

Utilitarianism suggests that the government should choose policies that maximize the total utility of everyone in society by ?

A. redistributing income from rich to poor because this is what the members of society would choose to do if they were behind a veil of ignorance B. redistributing income from rich to poor because due to the diminishing marginal utility of income, taking a pound from the rich reduces their utility by less than … Utilitarianism suggests that the government should choose policies that maximize the total utility of everyone in society by ?Read More...

Rawls’s miximin criterion does not mean that there should be redistribution so as to equalise everyone’s incomes in society because ?

A. Such redistribution would mean that those who worked hard were no better off than those who were lazy and this would be unfair. B. such redistribution would not maximize the total income of all members of society C. Such redistribution would remove the incentive to work hard, so society’s total income would fall, and … Rawls’s miximin criterion does not mean that there should be redistribution so as to equalise everyone’s incomes in society because ?Read More...

A Gini coefficient of one means that ?

A. all the income is received by the top 20% of the income distribution B. income is distributed equally C. the income is split equally between the top 20% and the rest of the distribution. D. one family has all the income and every one else has nothing....

Horizontal equity holds that ?

A. those with equal ability to pay should bear unequal tax burdends. B. those who benefits the most from government services should bear the higher tax burden. C. those who benefit the most from government services should have the greatest voice in determining what gets produced D. those with equal ability to pay should bear … Horizontal equity holds that ?Read More...

Assuming that leisure is a normal good. if an individual’s labour supply curve is backward bending then the ?

A. income effect is zero B. substitution effect outweighs the income effect C. income effect outweighs the substitution effect D. income effect and the substitution effects are equal...