What is utilitarian justice?
What will be an ideal response?
Utilitarian justice is the idea that "a dollar in the hand of a rich person is worth less than a dollar in the hand of a poor person". If the marginal utility of income declines with income, transferring income from the rich to the poor will increase total utility.
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Which of the following is the best example of a common property?
a. The car of a student who is frequently willing to give her friends rides around town. b. The air that you breathe. c. Bread that you bake and share. d. Disney World
A World Bank study suggest a strong link in Africa between governments that __________ special-interest groups and __________ rates of economic growth
a. cater to, high b. cater to, moderate c. cater to, low d. ignore, low e. ignore, moderate
Utility is maximized for the consumption of two goods when: a. the price of the first good equals the price of the second good
b. the marginal utility per dollar spent is equal for both goods consumed. c. the quantity consumed of the first good equals the quantity consumed of the second good. d. the total utility of the first good equals the total utility of the second good.
When economists say the demand for a product has decreased, they mean
a. the demand curve has shifted to the left. b. the product price has increased, and as a consequence, consumers are buying less of the product. c. consumers are now willing and able to buy more of this product at each possible price. d. the demand curve has shifted to the right.