Which of the following statements is characteristic of utilitarianism?
a. An extra dollar of income provides higher marginal utility to a poor person than to a rich person.
b. Social policies should be created behind a "veil of ignorance."
c. Society should strive to maximize the utility of its wealthiest member.
d. Equality of opportunity is more important than equality of incomes.
a
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Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to real GDP in 2015 was ________ and in 2016 was ________.
A. $80,000; $88,000 B. $80,000; $90,000 C. $88,000; $90,000 D. $80,000; $99,000
In choosing between apartments in two different locations, the marginal commuting cost is given by:
A) the commuting cost from the apartment located closer to the destination. B) the sum of the commuting cost from each apartment to the destination. C) the commuting cost from the apartment located farther away from the destination. D) the difference between the commuting cost from two different apartments to the destination.
The highest rate of U.S. growth was recorded in which of the following periods?
A) 1948-73 B) 1967-83 C) 1974-95 D) 1996-2008
Local, state and federal government control and influence over businesses through taxes, subsidies, licensing and inspections are a firm part of U.S. history
Indicate whether the statement is true or false