Briefly describe the three prominent schools of thought in political philosophy. Identify one of the most well-known philosophers in each school
According to utilitarianism, the government should choose policies to maximize the total utility of society by attempting to achieve a more equal distribution of income. Jeremy Bentham and John Stuart Mill were the founders.
According to liberalism, the government should choose policies deemed to be just, as evaluated by an impartial observer behind a "veil of ignorance." The main decision-making rule is called the maximin criterion, which says that the government should aim to maximize the well-being of the worst-off person in society. John Rawls developed the liberalism philosophy in his book A Theory of Justice.
According to libertarianism, the government should punish crimes and enforce voluntary agreements but not redistribute income that was fairly earned (not stolen). Libertarians argue that society itself earns no income; only individual members of society earn income. Robert Nozick was a libertarian.
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How is monopoly different from perfect competition?
A.In a monopoly, there is only one seller, who can set prices as he chooses. In perfect competition,firms have some control over prices, but not as much as monopoly.. B.In a monopoly, there is only one seller, who can set prices as he chooses. In perfect competition,firms are price takers. C.In a monopoly, there is more than one seller, but they can set prices as they choose.In perfect competition, firms are price makers. D.In a monopoly, they are always protected by government barriers, whereas in a perfectively competitivecompany, they have no such protection.
When GDP = $2.5 trillion, C = $1.0 trillion, I = $0.6 trillion, G = $0.4 trillion, and NX = $0. Then
A) unplanned inventory change = -$0.5 trillion. B) equilibrium expenditure = $2.0 trillion. C) aggregate planned expenditure = $1.6 trillion. D) unplanned inventory change = $0.5 trillion. E) aggregate planned expenditure = $2.5 trillion.
Currently, the price of consuming housing is lowered by the fact that home mortgage interest is tax deductible. Suppose the government proposed to eliminate this implicit subsidy of your housing consumption and at the same time lowers taxes on all other goods.
a. With housing consumption on the horizontal axis and all other consumption on the vertical, illustrate you current optimal consumption bundle. b. After looking over the government's proposal, you decide that you don't care one way or another whether the government implements this proposal. On your graph, indicate your new budget constraint and new optimal bundle under the proposal. c. I also look over the proposal and find that my current consumption bundle also lies on the budget constraint I would face under the proposal. Am I also indifferent between the two proposals? What will be an ideal response?
Which of the following is true?
a. Most stockholders own stock because they want to run the business. b. The shareholders of a large well-established firm can be reasonably sure that they will earn a real rate of return of about 7 percent in the future. c. Ownership of a corporate bond provides the bondholder with an ownership right to a fraction of the firm's future profits. d. Stock ownership makes it possible for investors to own a fractional share of a firm's future profits even if they do not participate in the operation of the firm.