According to John Rawls, a "veil of ignorance" was needed for equitable decisions about appropriate social rules and individual endowments, so no one would know their place in society
Indicate whether the statement is true or false
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GDP is an imperfect measure of well-being because
a. it does not measure standards of living. b. it does not include household production. c. it ignores many of the costs of production. d. it excludes many goods produced within markets. e. both b and c.
Diminishing marginal returns implies that firms:
A. require fewer and fewer workers to produce each additional unit of output. B. require more and more workers to produce each additional unit of output. C. get decreasing amounts of revenue for each unit of output they produce. D. get increasing amounts of revenue for each unit of output they produce.
China has few state-owned enterprises left in its economy
Indicate whether the statement is true or false
Suppose country X currently produces widgets. Then it establishes a preferential trading agreement with country Y. Following the formation of the PTA, country X no longer produces widgets and imports widgets from country Y. What has occurred?
a. There is trade diversion and a welfare gain for both country X and country Y. b. There is trade diversion, a welfare gain for country Y, and a welfare loss for country X. c. There is trade creation and a welfare gain for both country X and country Y. d. There is trade creation, a welfare gain for country Y, and a welfare loss for country X.