According to ________, the redistribution of income from the rich to the poor causes an increase in total utility because of the law of decreasing marginal utility.
A. legal precedent
B. distributional justice
C. utilitarian justice
D. the labor theory of value
Answer: C
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To eliminate losses in a perfectly competitive market, firms exit the industry. This exit results in
A) an increase in market supply. B) a decrease in market supply. C) an increase in market demand. D) a decrease in market demand. E) a decrease in both the market supply and the market demand.
If the government of a developing country reduces its budget deficit, then the inflation tax:
A. should decrease. B. should not change. C. may increase, decrease, or not change depending on whether the government cuts taxes or raises government expenditures. D. should increase.
Why do the sellers of some whiskeys pay for advertisements to tell people their whiskey is extremely expensive?
A) Because the sellers either do not know or do not accept the law of demand B) To allocate the product to people who will most appreciate it C) To increase the demand D) To lower the demand and keep production costs low E) To prevent "price shock" among potential customers
The saving and investment equation holds only when the federal budget is balanced
Indicate whether the statement is true or false