What are the two big approaches to thinking about fairness?
What will be an ideal response?
The two big approaches to thinking about fairness are:
• "It's not fair if the result isn't fair," or utilitarianism.
• "It's not fair if the rules aren't fair," or equality of opportunity.
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If the government wishes to increase GDP by $1,200b, and the MPC is 0.8, it should:
A. increase its spending by $960b. B. increase its spending by $240b. C. decrease its spending by $240b. D. decrease its spending by $960b.
A perfectly horizontal demand curve has
A) zero elasticity.
B) some positive finite elasticity.
C) negative elasticity.
D) elasticity equals infinity.
The primary objective of economics is
A. to study how people make choices with limited resources. B. to study why some people are never happy with the resources they have. C. to learn how to create more resources. D. to learn how to make the most profits with a given amount of resources.
The demographic transition refers to the:
A) decrease in fertility and number of children per family that many societies undergo as they transition from industry to agriculture. B) decrease in fertility and number of children per family that many societies undergo as they transition from agriculture to industry. C) increase in fertility and number of children per family that many societies undergo as they transition from agriculture to industry. D) increase in fertility and number of children per family that many societies undergo as they transition from industry to agriculture.