A cake is to be shared by two people. Both desire the largest piece possible. One of the two will cut the cake. Under which of the following situations will the cutter adopt a Rawlsian social welfare function?
A) The person cutting the cake chooses the first piece.
B) The person not cutting the cake chooses the first piece.
C) The two individuals will bid for the right to cut the cake and choose first.
D) The two individuals will toss a coin for the right to cut the cake and choose first.
B
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Paul and Wayne are starting a consulting firm together. Their liability is limited; therefore, their firm is an example of a
A) partnership. B) proprietorship. C) corporation. D) None of the above answers is correct.
Internal ownership of the debt refers to the portion of the national debt owned by government agencies
a. True b. False Indicate whether the statement is true or false
Day laborers who are in the United States illegally and work off the books are:
A. part of the nonmarket transactions that are omitted from GDP. B. part of the underground economy, which is not measured in GDP. C. production by noncitizens, which is included in GNP but not in GDP. D. one of the items included in the genuine progress indicator.
Which of the following statements is false?
A) An implicit cost is a nonmonetary opportunity cost. B) Economic costs include both accounting costs and implicit costs. C) An explicit cost is a cost that involves spending money. D) Economists consider all costs to be implicit costs.