According to utilitarians, the ultimate objective of public actions should be to
a. ensure the poor can afford an adequate diet.
b. distribute income uniformly.
c. maximize the sum of individual utility.
d. prevent all people from experiencing diminishing marginal utility.
c
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The interest rate the Federal Reserve charges commercial banks to borrow reserves is called the ________ rate.
A. prime B. discount C. Fed funds D. Federal
If the prices for the same goods and services are different in two nations, the exchange rate adjusts over the long run to achieve
A) zero net exports for each nation. B) purchasing power parity between the two currencies. C) balance of payments account between the two nations equal to zero. D) a zero current account balance between the two nations. E) interest rate parity.
An English auction is usually a(n) ________ auction
A) sealed-bid first-price B) sealed-bid second price C) penny D) open outcry
In most countries the central bank is
A) totally autonomous from the rest of government. B) semi-independent from the rest of the government. C) a part of the private sector. D) subordinate to the rest of government.