Suppose society consists of four individuals: Andy, Bill, Carl, and David. Andy has $20,000 of income, Bill has $40,000 of income, Carl has $60,000 of income, and David has $80,000 of income. A utilitarian would argue that
a. taking $1 from Bill and giving it to Carl would increase society's total utility.
b. taking $1 from Carl and giving it to Andy would increase society's total utility.
c. taking $1 from Carl and giving it to David would increase society's total utility.
d. taking $1 from Bill and giving it to David would increase society's total utility.
b
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One characteristic of monopolistic competition is that it has
A) many firms producing a slightly differentiated product. B) many firms producing identical goods. C) one firm producing a unique good. D) a few firms producing a slightly differentiated product. E) large barriers to entry.
In a business cycle boom, we expect an unusually ________ proportion of actual income to be transitory, thus an unusually ________ MPC operating in the short run, which ________ the income multiplier for the short run
A) high, low, reduces B) high, low, increases C) high, high, reduces D) low, low, increases E) low, high, reduces
An example of a poverty trap is
a. extended time periods without war b. a lack of mineral wealth c. a dysfunctional or corrupt government d. laws and regulations to help detect fiscal fraud e. None of the answers is correct
The United States
A. has sometimes attained productive efficiency. B. usually attains productive efficiency. C. never attained productive efficiency.