Libertarianism identifies a redistribution of income role for government when
a. the utility of the worst-off could be improved.
b. the income distribution is altered by illegal means (e.g. theft).
c. the total utility for society can be improved through redistribution of income.
d. a "veil of ignorance" would result in a recommendation of redistribution of income.
b
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Suppose you are offered a gamble in which you win $1,000 1/3 half the time but lose $800 2/3 half the time. If you are risk lover will you take the gamble? What will your expected payoff be?
What will be an ideal response?
Unemployment that results from an economy-wide downturn is called: a. frictional unemployment. b. cyclical unemployment
c. structural unemployment. d. seasonal unemployment.
The avoidance of a worst case scenario strategy in a two-firm balanced oligopoly can best be described as a strategy
a. taken by the more powerful of the two firms, the other follows to avoid a worst case outcome b. taken by the less powerful of the two firms in order to avoid a worst case outcome c. that is best for the firm regardless of the strategy taken by its rival d. that avoids a Nash equilibrium outcome e. that allows both firms to obtain cartel-like profits
Which of the following statements is true?
A) The concept of opportunity costs cannot be illustrated within a PPF framework. B) If scarcity did not exist, neither would a PPF. C) All PPFs are downward-sloping straight lines. D) There are more attainable points than unattainable points in every PPF diagram.