A theory of distributional justice that concludes that the social contract emerging from the original position would call for an income distribution that would maximize the well-being of the worst-off member of society is known as
A. Rawlsian justice.
B. relative justice.
C. utilitarian justice.
D. maxi-min justice.
Answer: A
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When the marginal product curve is downward sloping, the average product curve
A) must also be downward sloping. B) might be either upward or downward sloping. C) must be upward sloping. D) must be horizontal.
A Nash equilibrium is
A) reached when an oligopoly's market demand and supply intersect. B) reached when each player chooses the best strategy for himself and for the group. C) an equilibrium comprising non-dominant strategies only. D) reached when each player chooses the best strategy for himself, given the other strategies chosen by the other players in the group.
Refer to the accompanying figure, which shows the annual domestic supply and annual domestic demand for jeans in a small country.
Suppose this country is open to trade with the rest of the world, and the world price of a pair of jeans is $40. If the government imposes a quota on imported jeans of 12,000 pairs per year, then the new equilibrium price of jeans in this country will be:
A. $80 B. $60 C. $120 D. $100
An tax that is applied to imported products which are not produced domestically is a(n):
free trade policy tariff Import quota Nontariff barrier