The notion of ________ is that through income redistribution, the rich sacrifice a little and the poor gain a lot.
A. Rawlsian justice
B. utilitarian justice
C. labor value
D. distributional justice
Answer: B
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The distribution process performed by the price system is not as efficient as the distribution process of central planners.
Answer the following statement true (T) or false (F)
Investment decisions are made on the basis of the relationship of price to
A. Long-run fixed cost. B. Short-run marginal cost. C. Short-run average total cost. D. Long-run average total cost.
If the dollar was initially valued at 20 rubles and its value rises to 23 rubles, then the value of a ruble (in terms of dollars) has _____________.
Fill in the blank(s) with the appropriate word(s).
Positive economics is an approach to economics that
A. seeks to understand behavior and the operation of systems while making judgments about their usefulness to society. B. analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe preferred courses of action. C. examines the role of government in the economy. D. seeks to understand behavior and the operation of systems without making judgments.