An additive social welfare function would
A. add the incomes of the lowest ten percent of income earners.
B. subtract out the utility functions of all people who are unemployed.
C. sum all individual utilities.
D. maximize the utility of the person with the minimum utility.
C. sum all individual utilities.
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Since property seized through eminent domain must be taken for public use, the government cannot legally sell this seized property to private investors
Indicate whether the statement is true or false
You and your sister share a room. Your sister prefers sleeping with all windows closed, while you prefer sleeping with at least one window open to let in some fresh air
Since neither of you are willing to give up your own preferences, you end up fighting every night. Is there a possible solution to this problem if you value keeping your windows open at night for $100, while your sister values keeping the windows closed at night for $80?
Full employment describes the condition in which
a. 100 percent of the civilian labor force is employed. b. 95 to 96 percent of the civilian labor force is employed. c. there is no frictional unemployment. d. unemployment is 10 percent or less.
Refer to the graphs shown, which show indifference curve analysis with the associated demand curves.
The best explanation for a movement from point D to point E is:
A. an inward rotation of the budget constraint along the x-axis, forcing the consumer to move from point B to point A. B. an outward rotation of the budget constraint along the x-axis, allowing the consumer to move from point A to point B. C. an inward rotation of the budget constraint along the y-axis, forcing the consumer to move from point C to point B. D. a parallel shift of the budget constraint, allowing the consumer to move from point A to point C.