The members of a society can assign tasks according to ability and distribute benefits in accordance with need only
A) if the government controls the economy.
B) if they have a workable procedure for assessing abilities and needs.
C) in a socialist or, more likely, a communist society.
D) when there are enough of them to assure competent performance of all necessary tasks.
E) when they are committed to equity as well as efficiency.
B
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Debt service
A) is rarely an issue for high-income countries. B) always makes a country worse off for having borrowed. C) is a problem when the amount of debt is small relative to the size of the economy. D) tends to benefit low- and middle-income countries at the expense of high-income countries.
What is it called when the price paid for a variable input is less than its marginal revenue product?
A) bilateral monopoly B) monopsonistic exploitation C) monopolistic exploitation D) featherbedding