Liberalism aims to raise the welfare of the worst-off person in society. This rule is called the
a. minimax regret criterion.
b. conservative approach.
c. Nozick criterion.
d. maximin criterion.
d
You might also like to view...
Monopolies charge
a. the highest possible price b. a price determined by cost c. the price consistent with the output level where total revenue equals total cost d. the price associated with the quantity at which marginal revenue equals marginal cost e. the price at which total revenue equals average total cost
An increase in both supply and demand causes which of the following?
a. equilibrium price falls b. equilibrium price rises c. equilibrium price change is indeterminate d. equilibrium quantity decreases e. equilibrium quantity change is indeterminate
When displaced workers require retraining before entering the labor force again, it is the result of ________ unemployment.
A. cyclical B. frictional C. structural D. seasonal
The main advantage of trade between two countries is that
A. employment in both countries will increase. B. trade will lead to a more equitable distribution of income in both countries. C. both countries have consumption choices beyond their current resource and production constraints. D. trade makes both countries more self-sufficient.