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
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Refer to the Article Summary. According to the summary, the Chinese economy is trying to move away from an export based economy, while at the same time imports have declined. This decrease in exports and decrease in imports will
A) decrease net exports if the decline in exports is greater than the decline in imports. B) increase net exports if the decline in exports is greater than the decline in imports. C) definitely increase net exports. D) definitely decrease net exports.
A model in which individual producers act as price setters, because there are only a few sellers and the product they sell is not standardized, is called
A) imperfect competition. B) perfect competition. C) monopoly. D) monopsony.