If society chose to maximize total utility rather than minimum utility,
a. society would achieve perfect income equality.
b. society would achieve the maximin objective.
c. its justice would be more utilitarian than Rawlsian.
d. its justice would be more Rawlsian than utilitarian.
c
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A corrective subsidy induces the ________ to the socially optimal level
A) consumers of a negative externality to increase the quantity consumed B) producers of a negative externality to increase the quantity produced C) consumers of a positive externality to increase the quantity consumed D) producers of a positive externality to reduce the quantity produced
Refer to Figure 6-8. Identify the two goods which are complements
A) Good X and Good Y B) Good X and Good Z C) Good Y and Good Z D) It is not possible to distinguish any relationship among the goods.
The median voter model predicts that in a representative democracy _____
a. party platforms will converge to one preferred by the median voter b. successful politicians will emulate the median voter c. third parties will not exist d. successful politicians come from the median political party
Assume the price of product Y (the quantity of which is on the vertical axis) is $15 and the price of product X (the quantity of which is on the horizontal axis) is $3. Also assume that money income is $60. The absolute value of the slope of the
resulting budget line: A. is 5. B. is 1/5. C. is 4. D. is 20.