Utilitarians believe
a. that the government should choose just policies as evaluated by an impartial observer behind a "veil of ignorance.".
b. in the assumption of diminishing marginal utility.
c. that everyone in society should have equal utility.
d. that the government should not redistribute income.
b
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The demand for labor increases (that is, the demand for labor curve shifts rightward) if the
A) wage rate increases. B) wage rate decreases. C) price of the firm's output rises. D) price of the firm's output falls.
A farm can produce 10,000 bushels of wheat per year with 5 workers and 13,000 bushels with 6 workers. The marginal product of the sixth worker for this farm is:
a. 10,000 bushels. b. 3,000 bushels. c. 500 bushels. d. 23,000 bushels.
The unemployment rate is defined as: a. unemployed workers plus discouraged workers, divided by the total population over the age of sixteen. b. part-time workers plus full-time workers, divided by the total population over the age of sixteen
c. the percentage of the labor force that is unemployed. d. the percentage of the population over the age of sixteen that is unemployed.
The crowding-out effect implies that a
a. budget surplus will be highly effective against inflation. b. budget deficit is likely to stimulate aggregate demand and cause inflation. c. budget deficit will increase real interest rates and, thereby, retard private spending. d. budget surplus will retard aggregate demand and throw the economy into a downward spiral.