"To Each According to What He or She Produces" Describes

question 27

Multiple Choice

"To each according to what he or she produces" describes the ________ theory of income determination.

• A) productivity
• B) egalitarian
• C) equity
• D) needs

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Definitions:

Prices

The amounts of money expected, required, or given in payment for goods or services.

Goods

Physical items that are produced and can be traded or used to satisfy wants and needs.

Weak Axiom

A less stringent version of a mathematical axiom used in economics and decision theory that deals with the consistency of consumer choices under varying circumstances.

Revealed Preference

A concept in consumer theory stating that the preferences of consumers can be revealed by their purchasing habits.