Jermaine believes that it is important to maximize the well-being of the worst-off person in society. He believes in the principle called the
maximin criterion
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The demand curve an individual competitive firm faces is known as its
A) excess demand curve. B) market demand curve. C) residual demand curve. D) leftover demand curve.
Suppose the price of crude oil used to produce gasoline rises significantly. At the same time, consumers purchase hybrid cars in great numbers. In the market for gasoline, demand shifts to the ________ and supply shifts to the ________
A) left, left B) left, right C) right, left D) right, right
Suppose the Fed sells $100 million of U.S. securities to the public. If the reserve requirement is 20 percent, the currency holdings of the public are unchanged, and banks have zero excess reserves both before and after the transaction, the total impact on the money supply will be a
a. $100 million decrease. b. $500 million increase. c. $500 million decrease. d. $100 million increase.
President Ronald Reagan once joked that a Trivial Pursuit game designed for economists would
a. have no questions but hundreds of answers. b. have 100 questions and 3,000 answers. c. have 1,000 questions but no answers. d. never produce a winner.