The belief that the ethically proper thing to do in any situation is the thing that maximizes society's overall happiness and minimizes society's overall suffering is called
A) utilitarianism.
B) diminishing marginal utility.
C) the benefits-received principle.
D) transcendentalism.
A
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What does it mean for a producer to internalize an externality?
A) The producer is limiting outsourced production. B) The producer is prohibited from producing products which generate externalities. C) The producer must find ways to address externality problems which extend beyond geographic borders. D) The producer is forced to factor into production costs the cost of the externalities created in their production of output.
The equilibrium wage in a local labor market is $10 per hour. If a minimum wage of $15 per hour is imposed, which of the following will occur?
A) There will be a decrease in the quantity of labor supplied by households. B) There will be an increase in unemployment. C) There will be an increase in the quantity of labor demanded by firms. D) All of the above will occur.
Workers at a local mining company are paid $25.60 per hour, and they have incorporated a 3 percent annual raise in their contracts to account for expected inflation
Explain how unexpected inflation of 5 percent will affect the real wage and the unemployment rate.
A firm should be transparent, meaning
a. the windows at headquarters should be cleaned regularly b. if executives lie during a stockholder meeting, people should be able to see right through them c. someone should be able to look at the books and the balance sheet and tell exactly what's going on d. None of the answers is correct e. All of the answers are correct