The utilitarian case for redistributing income is based on the assumption of
a. collective consensus.
b. a notion of fairness engendered by equality.
c. diminishing marginal utility.
d. rising marginal utility.
c
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The local symphony recently raised its price for tickets to their summer concerts in the park. At the end of the summer season, the symphony was surprised to see that total revenue had actually decreased. The reason was that the elasticity of demand for tickets was
a. unit elastic. b. inelastic. c. elastic. d. Not enough information is given.
Define the velocity of money. Explain the monetarist view with regard to the stability of velocity.
What will be an ideal response?
A major reason for the development of money market mutual funds in the 1970s was that: a. open-market operations were suspended
b. bank deposit rates were capped at levels below market interest rates. c. money market funds offered more flexible checking privileges than banks. d. they were considered to be safer than banks. e. money markets did not exist until 1970.
When a surplus exists in a market, sellers
a. raise price, which increases quantity demanded and decreases quantity supplied, until the surplus is eliminated. b. raise price, which decreases quantity demanded and increases quantity supplied, until the surplus is eliminated. c. lower price, which increases quantity demanded and decreases quantity supplied, until the surplus is eliminated. d. lower price, which decreases quantity demanded and increases quantity supplied, until the surplus is eliminated.