The egalitarian view of equity would lead to:
A) equal allocations of goods across all persons.
B) maximizing the utility of the least-well-off person.
C) maximizing the total utility of all society members.
D) none of the above
A
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In a perfectly competitive market, the process of entry and exit will end when (i) accounting profits are zero. (ii) economic profits are zero. (iii) price equals minimum marginal cost. (iv) price equals minimum average total cost
a. (i) and (ii) only b. (ii) and (iii) only c. (ii) and (iv) only d. (i), (ii), (iii), and (iv)
Does a competitive firm's price equal the minimum of its average total cost in the short run, in the long run, or both? Explain.
What will be an ideal response?
Which of the following statements is true concerning income inequality?
A. Developed countries have greater income inequality than developing countries. B. Income is equally distributed in poor countries. C. The free market produces an unequal distribution of income. D. The government has no way to alter income inequality.
All of the following are criticisms of the Lorenz curve EXCEPT
A. The Lorenz curve does not account for age differences. B. The Lorenz curve does not account for differences in education levels. C. The Lorenz curve does not include in-kind transfers. D. The Lorenz curve does not account for differences in the sizes of families.