The notion of utilitarian justice is that
A. income should be distributed so that the well-being of the worse-off member of society should be maximized.
B. income should be distributed according to an individual's needs.
C. any change that makes some people better off without making anyone worse off should be undertaken.
D. through income redistribution, the rich sacrifice a little and the poor gain a lot.
Answer: D
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If the elasticity of substitution of a production function is equal to zero, then this production function is a
A) linear production function B) fixed proportion production function C) Cobb-Douglas production function D) None of above.
Frictional unemployment depends on _____
a. the age distribution of the population b. the years of work experience of the population c. the education level of the female population d. the ethnicity of the male population
Charisse is of the opinion that the interest rate depends on the economy's saving propensities and investment opportunities. Most economists would say that Charisse's opinion is
a. Keynesian in nature, and that her view is more valid for the long run than for the short run. b. classical in nature, and that her view is more valid for the long run than for the short run. c. Keynesian in nature, and that her view is more valid for the short run than for the long run. d. classical in nature, and that her view is more valid for the short run than for the long run.
Labor costs $20 per worker and capital costs $100 per unit. Then, according to the above table, which of the following options for pizza production is technologically efficient?
A) Option 1 B) Option 2 C) Option 4 D) All of the above listed options are technologically efficient.