Utilitarianism is a principle whose goal is ________
A) the greatest happiness for the greatest number
B) the greatest pay for the greatest number
C) equal pay for equal work
D) equal happiness for all workers
A
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Name three determinants of elasticity identified in the text. Explain how each one affects the responsiveness of demand
What will be an ideal response?
Refer to the figure above. A tariff of ________ would be purely protective
A) $0 B) $5 C) $8 D) $10
The velocity of money measures the
A. proportion of the money supply which is held as an asset. B. ratio of the transactions demand to the asset demand for money. C. average annual rate of increase in the money supply. D. number of times per year the average dollar is spent on final goods and services.
Even though fixed costs do not affect the output decision, an increase in fixed costs results in a wider range of prices for which the firm operates at a loss
Indicate whether the statement is true or false