"The government should choose policies to maximize the total utility of society.". This statement is most closely associated with which political philosophy?
a. liberalism
b. utilitarianism
c. libertarianism
d. welfarism
b
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An externality is internalized if
A. the person(s) or group that generated the externality incorporate into their own private cost-benefit calculations the external benefits (in the case of a positive externality) or the external costs (in the case of a negative externality) that third parties bear. B. people are made aware of it and realize that social benefits are less than private benefits (in the case of a positive externality) and that social costs are less than private costs (in the case of a negative externality). C. the person(s) or group that generated the externality do not incorporate into their own private cost-benefit calculations the external benefits (in the case of a positive externality) or the external costs (in the case of a negative externality) that third parties bear. D. b and c E. none of the above
Which of the following is not a legal barrier to entry in a monopolized market?
a. A patent. b. An exclusive franchise. c. Decreasing average cost. d. An exclusive license.
Which of the following statements about the agriculture price policy is correct?
a. Price supports may induce elther an underallocation or an overallocation of resources to farm products b. Supported prices have no effect on the allocation of resources to farm products c. Supported prices induce an underallocation of resources to farm products. d. Price supports induce an overallocation of resources to farm products.
A firm's value added equals
A) its revenue minus all of its costs. B) its revenue minus its wages. C) its revenue minus its wages and profit. D) its revenue minus its cost of intermediate goods. E) none of the above