A typical society strives to get the most it can from its scarce resources. At the same time, the society attempts to distribute the benefits of those resources to the members of the society in a fair manner. In other words, the society faces a tradeoff between
a. guns and butter.
b. efficiency and equality.
c. inflation and unemployment.
d. work and leisure.
b
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The egalitarian view of equity would lead to:
A) equal allocations of goods across all persons. B) maximizing the utility of the least-well-off person. C) maximizing the total utility of all society members. D) none of the above
Which of the following would increase the quantity of LCD TVs demanded but would not increase the demand for LCD TVs?
a. an increase in the price of plasma TVs, a substitute b. an increase in incomes assuming that LCD TVs are normal goods c. an increase in the expected future price of LCD TVs d. a decrease in the current price of LCD TVs
A cartel
a. has one firm that acts as the price leader b. is a group of firms engaged in price discrimination c. acts like a monopoly d. involves competition between rival firms e. prices its output equal to marginal cost
Which of the following is an example of a foreign direct investment?
a. A French company buying some stocks of an American company b. An American company deciding to buy a Japanese firm c. A Chinese investor purchasing bonds issued by the United States government d. An English national deposits money in an American bank