Suppose society consists of three individuals: Phil, Jay, and Mitchell. Phil has $60,000 of income, Jay has $200,000 of income, and Mitchell has $100,000 of income. A utilitarian would argue that
a. taking $1 from Mitchell and giving it to Phil would increase society's total utility.
b. taking $1 from Mitchell and giving it to Jay would increase society's total utility.
c. taking $1 from Phil and giving it to Jay would increase society's total utility.
d. None of the above are correct because all three individuals have sufficient income.
a
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The slope of the long-run aggregate supply curve is
A) positive. B) negative. C) zero. D) undefined.
A price taker is a buyer or seller who:
A. has the goal of maximizing market share, not profits. B. has complete control over setting the market price. C. can influence the market price. D. has no control over setting the market price.
According to the convergence hypothesis, as a country grows wealthier, its productivity growth rate will slow down.
Answer the following statement true (T) or false (F)
The time between recognizing the existence of a problem and adopting a course of action to deal with the problem is called the
A) impact lag. B) recognition lag. C) implementation lag. D) theory lag.