Which of the following ideas describes the concept of "utilitarianism"? I. Utilitarianism gained popularity in the 1930s. II. Utilitarians believed that a society should use only competitive markets to allocate resources. III
Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair. A) III only
B) II only
C) I and II
D) I, II and III
A
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What would likely happen to the long-run aggregate supply curve if the U.S. federal government increases marginal tax rates on wages?
A) The LRAS curve would remain stable while the AD curve would shift leftward. B) The LRAS curve would remain stable while the AD curve would shift rightward. C) The LRAS curve would shift leftward. D) The LRAS curve would shift rightward.
In the classical model, people hold money because
a. it is a way to save. b. it makes trade easier. c. it is the way to measure the value of goods and services. d. it is an asset.
In a steady-state, sustained increases in the capital-to-labor ratio are only possible if
a. the savings rate increases. b. population growth decreases. c. depreciation decreases. d. technology increases. e. all of the above.
Refer to the accompanying graph. If this firm is a price taker, then when the price of each unit of output is $30, how much profit does this firm earn at its profit-maximizing level of output?
A. $800 B. $1,600 C. $1,200 D. $500