Philosopher John Rawls developed a thought experiment to help determine a standard by which we could say individuals are in agreement with the constitutional rules and, thus, actions of government. Behind his "veil of ignorance" _____
a. people know nothing about their friends and family
b. people know nothing about themselves
c. people know nothing about causal relationships
d. people know nothing about politics
b
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Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. What is Dan's total profit assuming he is producing both products at their profit-maximizing sales quantities?
A. $3,600 B. $4,000 C. $4,400 D. $4,500
An upward-sloping labor supply curve means that
a. workers prefer to buy more leisure time when their incomes increase. b. workers prefer to supply less labor when wages are high. c. an increase in the opportunity cost of leisure leads workers to increase the quantity of labor they supply. d. All of the above are correct.
At $5.15 per hour, the 2007 inflation adjusted minimum wage was
A. statutorily constant. B. nearing a 50-year low. C. slightly above the historical average. D. at an all-time high.
Internal market forces include
A. Tax policy, government spending, and availability of money. B. Population growth, spending behavior, and invention. C. External shocks and policy levers. D. Wars, natural disasters, and trade disruptions.