The assertion that if resources are allocated efficiently, they also are allocated fairly is made by
A) all utilitarians.
B) John Rawls, who proposed making the poorest as well off as possible.
C) Robert Nozick, who believes that equality of opportunity is fair.
D) all economists who understand the big tradeoff.
C
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Which of the following does not illustrate opportunity cost?
a. If I study, I must give up going to the football game. b. If I buy a computer, I must do without a 35" television. c. More consumer spending now means more spending in the future. d. If I spend more on clothes, I must spend less on food.
A stock variable:
a. Is measured at a point in time. b. Is measured over a period of time. c. Is an inconsistency in terms, because something cannot be a "variable" and a "stock" at the same time.
If the non-institutional population over 16 years of age equals 200 million, the number of individuals employed is equal to 60 million and the number of individuals not in the labor force is equal to 120 million, then:
a. The employment rate is equal to 30%, and the unemployment rate cannot be determined. b. The employment rate is equal to 75%, and the unemployment rate cannot be determined. c. The employment rate is equal to 30%, and the unemployment rate is equal to 10%. d. The employment rate is equal to 30%, and the unemployment rate is equal to 25%. e. The employment rate is equal to 30%, and the unemployment rate is equal to 33.3%.
The greater the MPC is, the ___ the slope of the demand curve.
a. greater b. smaller c. It depends on the trade balance. d. The slope of the demand curve does not depend on this.