A dictator is most likely to
A) adopt a Rawlsian social welfare function.
B) maximize her own utility.
C) place equal weight on everyone's utility function.
D) have nontransitive preferences.
B
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A Pigouvian tax is a tax designed to ________
A) induce consumers of a good to reduce the consumption of the good B) induce producers generating negative externalities to reduce production C) induce producers generating positive externalities to reduce production D) induce producers to stop the production of a good
An omitted variable is a variable that:
A) is purposely left out as it does not aid an economic analysis. B) does not cause other variables in a study to change when it changes. C) is removed from a study as it can lead to the problem of reverse causality. D) has been left out, and if included, would explain why the variables considered in a study are correlated.
Keynesian theory is based on the hypothesis that
A. saving is influenced primarily by real current disposable income. B. planned savings equal planned investment only at full employment. C. saving is always equal to savings. D. saving is influenced primarily by the interest rate.
Refer to the table below. If the firm shuts down in the short run, the total cost will be:
The table shows the total costs for a purely competitive firm.
A. $1,350
B. $2,500
C. $2,700
D. $3,100