What is the main belief of utilitarianism?
a. People make rational choices by comparing marginal benefits with marginal costs.
b. Utility varies from individual to individual depending on specific preferences.
c. Society should seek the greatest happiness for the greater number.
d. Society should utilize its resources better by distributing them more equally.
c. Society should seek the greatest happiness for the greater number.
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The demand curve represents the buyer's side of the marketplace
Indicate whether the statement is true or false
Perfect competition arises if the ________ efficient scale of a single producer is ________ relative to the demand for the good or service
A) minimum; small B) minimum; large C) maximum; small D) maximum; large
In the "Interdisciplinary Perspective" titled "A Philosophical Critique on the Marginal Utility of Money," the basic point made is that
a. the law of diminishing marginal utility does not apply to money b. marginal utility always increases at an increasing rate for money c. once basic needs are met, additional income or wealth does not increase happiness d. most of the theories advanced by economists are flawed e. the total utility function for money has a downward slope
The central government of Vervia believes that the economy is headed toward an economic slowdown, with all the major parameters of economic growth showing signs of slowing down. In such a satiation, the central bank of the economy is likely to: a. start buying government bonds. b. increase the discount rate
c. start selling government bonds. d. increase the reserve requirement.