The idea that the public interest should be equated with those policies that produce the greatest good for the greatest number _____
a. is the utilitarian criterion
b. is the Pareto optimality criterion
c. is the Hobbesian criterion
d. is a value free judgment
a
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For any transaction, the sum of consumer surplus and producer surplus is cooperative surplus
Indicate whether the statement is true or false
Say's law
A) explains the role of money. B) deals with interest rates, employment, and production. C) was accepted and praised by John Maynard Keynes. D) None of the above.
If the adoption of a new technology led to gains in productivity ________
A) the ensuing positive supply shock would lead to an immediate increase in output B) in the short-run, the ensuing increase in supply would lower inflation C) and if this new technology permanently altered the productive capacity of the economy then the increase in output and decrease in inflation would be permanent as well D) all of the above E) none of the above
Which of the following statements about the Social Security (OASDI) program is FALSE?
A) Benefits are paid to individuals who would be financially secure in their absence. B) Benefits are based on need. C) Benefits are an intergenerational transfer program from those who work to those who don't work. D) When an insured worker dies, benefits continue for widows or other dependents.