A.P. Lerner believes that society maximizes its total utility when income distribution is
a. perfectly equal, assuming individual utility functions are different
b. perfectly equal, assuming individual utility functions are the same
c. perfectly unequal, assuming individual utility functions are the same
d. perfectly unequal, assuming individual utility functions are different
e. whatever the market dictates because individual utility functions are different
B
You might also like to view...
A merger between a firm manufacturing radios and a firm manufacturing paper products is a
A) conglomerate merger. B) diagonal merger. C) horizontal merger. D) vertical merger.
A shortage exists in a market if a. there is an excess supply of the good
b. quantity supplied exceeds quantity demanded. c. the current price is below its equilibrium price. d. All of the above are correct.
Assume that rents flow clockwise in a circular economic flow diagram. This implies that land flows:
A. clockwise and profits flow counterclockwise. B. clockwise and capital flows counterclockwise. C. counterclockwise and capital flows clockwise. D. counterclockwise and profits flow clockwise.
An investment should be undertaken
A. any time the present value of the expected income stream associated with the investment is positive. B. if the present value of the costs of the investment project exceed the present value of the expected returns from the investment project. C. if the present value of the expected income stream associated with the investment is less than the full cost of the investment project. D. if the present value of the expected income stream associated with the investment is greater than the full cost of the investment project.