According to the principle of egalitarianism:
A. society should place equal weight on the well-being of every individual.
B. society should place all weight on the well-being of its worst-off member.
C. society should place all weight on the well-being of its best-off member.
D. equal division of society's resources among all members of the population is the most equitable outcome.
D. equal division of society's resources among all members of the population is the most equitable outcome.
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A rise in price will always result in an increase in the total amount that consumers spend on a product.
Answer the following statement true (T) or false (F)
Labor productivity is defined as
A. the amount of output a typical worker turns out in an hour of work. B. the amount of output the best worker turns out in a day of work. C. the amount of output improvement in a year of work. D. the amount of average output improvement for a team in a year of work.
Which of the following summarizes the limitations of monetary policy?
A. The Fed is most effective at influencing long-term interest rates but is unable to have a short-run impact on the economy. B. The Fed directly sets all interest rates, but no interest rate has any short-run effect on the economy. C. The Fed can directly influence many different interest rates, but it can only influence them a little bit. D. The Fed has a lot of control over just one interest rate, and interest rates influence economic activity in the short run only.
Assuming the inner curve is the United States' current production possibilities frontier, the United States' economy usually operates at _____.
A. Point P
B. Point O
C. Point N
D. Point L