"An extra dollar of income gives more additional satisfaction to a poor person than to a rich person." This is an important assumption of which political philosophy?
a. utilitarianism
b. liberalism
c. libertarianism
d. republicanism
a
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If the federal government increases the amount of Social Security benefits for retired persons, then the
A. consumption schedule will shift upward. B. aggregate demand curve will shift outward. C. effect on equilibrium GDP will be the same as a cut in taxes. D. All of the above are correct.
Because the height of the demand curve measures the marginal value of the good to consumers, the fact that a demand curve slopes downward to the right illustrates that
a. as more of a product is consumed, consumers will value additional units less. b. as more of a product is consumed, consumers will value additional units more. c. the value of additional units of the good is unrelated to the amount consumed. d. the cost of production for a good generally rises as more of it is produced.
Physical money includes coin and currency.
What will be an ideal response?
"The theory's predictions are consistent with what I believe, so now I have good reason to believe what the theory says." This statement is likely to have been made by a person who believes that
A) theories should be tested by gathering and analyzing data. B) theories are descriptive of reality. C) theories should be falsifiable or refutable. D) b and c E) none of the above