On what assumption is the idea of Rawlsian justice based? Explain
What will be an ideal response?
Rawlsian justice is based on the assumption of risk aversion. If individuals are risk averse, people will be worried about the least fortunate members of society because anyone could end up there.
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When you have a job and your employer compensates you for your time with money, resulting in both of you being better off, it is an example of a voluntary exchange
Indicate whether the statement is true or false
A federal budget ________ occurs when the federal government spends more than it collects in taxes
A) ceiling B) deficit C) surplus D) equilibrium
The Embargo Act (1807):
a. had a devastating effect on U.S. manufacturing. b. led to increases in U.S. exports and per capita income. c. increased U.S. imports, but decreased U.S. exports. d. prohibited U.S. ships from trading with all foreign ports. e. All of the above.
Refer to Scenario 19.4 below to answer the question(s) that follow. SCENARIO 19.4: Suppose demand for widgets is given by the equation P = 10 - 0.25Q. Originally, the price of the good is $5 per unit. When a tax of $1 per unit is imposed, the price of the good rises to $6 per unit.Refer to Scenario 19.4. What is the total burden of the tax?
A. $2 B. $18 C. $32 D. $50