The maximin criterion is attributed to which political philosophy?
a. utilitarianism
b. liberalism
c. libertarianism
d. repubicanism
b
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In the figure above, the poorest 40 percent of households receive ________ of total income
A) 20 percent B) 10 percent C) 30 percent D) 15 percent
According to the Taylor rule:
a. if inflation falls by 1 percentage point below its target of 2 percent, then the Fed should raise the real federal funds rate by one-half a percentage point. b. all of these are appropriate Fed actions. c. when real GDP is equal to potential GDP and inflation is equal to its target of 4 percent, the federal funds rate should be kept at 2 percent. d. if real GDP rises by 2 percent above potential GDP, the Fed should raise the real federal funds rate by 1 percentage point.
In order to sell one additional unit of output, a profit-maximizing monopolist must:
A.) Increase the size of its factory. B.) Reduce marginal cost. C.) Increase marginal revenue. D.) Reduce the price of all units sold.
Based on the graph showing the run-up of nominal home prices, if a person had wanted to buy a house, hold it for five years, and then sell it for a profit, which of the following years would have been the best to make the purchase in?
a. 1899
b. 1941
c. 1984
d. 2001