Liberalism suggests that public policies should aim to
a. maximize the sum of utility of everyone in society.
b. maximize the well-being of the average person in society.
c. maximize the well-being of the worst-off person in society.
d. minimize the difference between the utility of the best-off person in the society and the utility of the worst-off person in society.
c
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Barylia is an economy with extractive institutions such as the absence of private property rights and high tax rates. Is it guaranteed that Barylia will always experience no growth or negative growth? Why or why not?
What will be an ideal response?
What are the roles of markets and prices in an economy?
What will be an ideal response?
Identify the correct sequence of economic integration starting from the least integrated to the most integrated.
a.free trade area, customs union, economic union, political union, and common market b. free trade area, customs union, common market, economic union, and political union c. common market, free trade area, customs union, economic union, and political union d. free trade area, common market, customs union, economic union, and political union e. common market, free trade area, customs union, political union, and economic union
If exports are being excluded unfairly from a market, the World Trade Organization (WTO) may authorize
A. Quotas. B. Other nontariff barriers. C. Retaliatory comparative advantages. D. Retaliatory tariffs.