The goal of liberalism is to
a. redistribute income based on the assumption of diminishing marginal utility.
b. redistribute income in order to improve the well-being of the worst-off person in society.
c. punish crimes and enforce voluntary agreements but not to redistribute income.
d. measure happiness and satisfaction.
b
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A trade surplus occurs when:
A. quotas exceed tariffs. B. tariffs exceed quotas. C. imports exceed exports. D. exports exceed imports.
If the price of product X increases, then the resulting decline in the amount purchased will
A. reduce the marginal utility of the last unit consumed of this good. B. increase the marginal utility of the last unit consumed of this good. C. necessarily increase the consumer's total utility from his total purchases. D. increase the total utility from purchases of this good.
A monopolist will earn economic profits as long as his price exceeds:
a. marginal revenue. b. average fixed cost. c. average variable cost. d. average total cost.
An oligopoly with a dominant price leader will produce a level of output between that which would prevail under competition and that which a monopolist would choose in the same industry.
Answer the following statement true (T) or false (F)