Utilitarianism is based on the argument that
A) the greater a person's income, the smaller is the marginal benefit of a dollar.
B) by transferring a dollar from a millionaire to a poor person, more is lost than gained.
C) taxing people's income from employment makes them work less.
D) a dollar taken from a rich person does not end up as a dollar in the hands of a poorer person.
A
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If a city has 3293 unemployed people and 73,177 in its labor force, then the city's unemployment rate equals
A) 45.0%. B) 4.5%. C) 4.3%. D) 0.45%.
The development of a low-cost synthetic fuel is expected to cause a decrease in the price of oil
a. True b. False Indicate whether the statement is true or false
A monopoly maximizes profit by finding the output level where the difference between marginal revenue and marginal costs is as large as possible.
a. true b. false
Recently Apple Computer developed Apple's new iTunes Music Store, which offers more than 200,000 songs from five major record labels, for use with Apple's iPod and iMac. More than a million songs were downloaded the first week alone! In economic terms,
CEO Tim Cook helped convert capital and labor inputs into products consumers use. Any activity that results in the conversion of resources into products that can be used in consumption is A) not profitable. B) a start up venture. C) demand. D) production.