A society consists of three individuals: Sam, Tristan, and Ulyana. In terms of income and utility, Sam is currently best-off, Tristan ranks in the middle, and Ulyana is worst-off. Which of the following statements is correct?
a. Utilitarianism suggests that government policies should strive to maximize Ulyana's utility.
b. Liberalism suggests that government policies should strive to increase Ulyana's utility.
c. Libertarianism suggests that government policies should strive to improve Tristan's utility at the cost of Sam's utility.
d. Libertarianism suggests that government policies should strive to make Sam, Tristan, and Ulyana equally well off.
b
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The exchange rate for a foreign currency that is determined by supply and demand is
A) a fixed exchange rate. B) a controlled exchange rate. C) a constrained exchange rate. D) a flexible exchange rate.
The assumptions underlying the simple linear regression model are:
a. the value of the dependent variable Y is postulated to be a random variable b. a theoretical straight-line relationship exists between X and the expected value of Y c. associated with each value of X is a probability distribution d. the disturbance term is assumed to be an independent random variable e. a through c f. b through d
Specialization and trade do not allow individuals, firms, or even nations to acquire goods that lie beyond their production capabilities
a. True b. False Indicate whether the statement is true or false
A country’s economic growth is determined by its level of productivity, which in turn is determined by its ______.
a. standard of living, natural resources, technology, and human capital b. technology, natural resources, human capital, and physical capital c. population size, infrastructure, physical capital, and natural resources d. age, population size, natural resources, and infrastructure