Which of the following pholitical philosophies would support redistribution of income that makes society fully egalitarian?
a. Liberals, because they believe in the maximin criterion.
b. Libertarians, because they believe in evaluating the process by which economic outcomes arise.
c. Utilitarians, because they believe in diminishing marginal utility.
d. None of the above would support completely egalitarian redistribution of income.
d
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When the Fed engages in an open market sale, the money supply ________ and the nominal interest rate ________.
A. decreases; decreases B. increases; increases C. decreases; increases D. increases; decreases
The Heckscher-Olin model uses differences in factor abundance to determine whether any nation has a comparative advantage in any good
a. True b. False Indicate whether the statement is true or false
In 1949, Sycamore, Illinois built a hospital for about $500,000 . In 1987, the county restored the courthouse for about $2.4 million. A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000 . According to these numbers, the hospital cost about
a. $3.6 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars. b. $3.6 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars. c. $4.1 million in 2000 dollars, which is less than the cost of the courthouse restoration in 2000 dollars. d. $4.1 million in 2000 dollars, which is more than the cost of the courthouse restoration in 2000 dollars.
Since 1950, the standard of living in the United States has:
A. decreased when measured by both total output and output per person. B. increased when measured by both total output and output per person. C. increased when measured by output per person, but decreased when measured by total output. D. decreased when measured by output per person, but increased when measured by total output.