Utilitarianism is
a. a liberal religion that focuses on individual rights.
b. a political philosophy that believes the government should choose policies deemed to be just by an impartial observer.
c. a political philosophy that believes the government should not redistribute income.
d. a political philosophy that believes the government should choose policies to maximize the total utility of society.
d
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According to the crowding-out view, budget deficits will:
a. reduce interest rates. b. increase interest rates and retard private investment. c. reduce the investments of foreigners in the United States. d. increase the capital stock available to future generations.
Which of the following is a characteristic of a competitive price-taker market?
A. Profit maximizing firms in the market will expand output until price equals average variable cost. B. The market demand curve for the product is a horizontal line. C. There are many firms in the market, each producing a small share of total market output. D. The product produced by each of the firms is differentiated.
A good that people buy only to make them look better than their neighbors is called a:
A. McGood. B. conspicuous consumption good. C. relative position good. D. show-off good.
The Affordable Care Act, signed by President Obama in 2010, attempted to solve the health care poverty problem by
A. increasing the income thresholds for Medicaid eligibility. B. requiring all employers to offer free health care to their employees. C. creating a single-payer system in which the government pays for all medical care. D. offering tax credits and subsidies to help low-income households afford insurance.