If the Marginal Productivity of Labor Was the Sole Determinant

question 106

Multiple Choice

If the marginal productivity of labor was the sole determinant of household income in the U.S., then

• A)no households would be poor according to the official government definition of poverty
• B)no households would be poor according to a relative definition of poverty
• C)the distribution of income would be unequal
• D)every household would have sufficient income to meet biological needs
• E)there would be no need for government programs to redistribute income

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Definitions:

Elaborative Rehearsal

A memory technique that involves thinking about the meaning of the term to be remembered, rather than merely repeating the term to oneself.

Rote Repetition

The process of learning or memorizing something through continuous repetition without understanding the underlying meaning.

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have foreseen it, also known as the "knew-it-all-along" effect.

Monday Morning

A term often symbolizing the start of the work or school week, associated with a return to routines after the weekend.