Liberalism is founded on a premise that behind a "veil of ignorance,"
a. justice cannot be agreed upon.
b. everyone's income should be equal.
c. everyone would agree to "just" rules to reallocate income.
d. society should maximize the sum of individual utilities.
c
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Show that the slope of the market demand curve is the summation of the slopes of individuals' demand curves
What will be an ideal response?
Individuals who are more risk averse
a. buy less insurance b. buy more insurance c. are not more or less inclined to buy insurance d. are philosophically opposed to insurance
How do population growth and economic growth impact global poverty?
What will be an ideal response?
Price elasticity of supply is always
A) positive because of the law of supply. B) negative because of the law of supply. C) positive because of diminishing marginal utility. D) negative because percentages can only be negative.