According to influential moral philosopher Jeremy Bentham:
A. utility functions should provide cardinal information about preferences.
B. the aim of public policy should maximize an individual's utility.
C. utility functions should provide ordinal information about preferences.
D. public policy decisions should be based on ordinal utility.
A. utility functions should provide cardinal information about preferences.
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Which statement CORRRECTLY describes "structural unemployment"?
A) Structural unemployment occurs mainly during recessions. B) Structural unemployment is also called "frictional unemployment." C) Structural unemployment occurs even when the economy is at the natural unemployment rate. D) The amount of structural unemployment depends on normal labor turnover.
When a firm is experiencing economies of scale, long-run
a. average total cost is minimized. b. average total cost is greater than long-run marginal cost. c. average total cost is less than long-run marginal cost. d. marginal cost is minimized.
Opportunity cost is
A. the value of the most useful alternative that must be sacrificed to obtain something or satisfy a want. B. the fixed cost of production. C. the value of the next-best alternative that must be sacrificed to satisfy a want. D. the cost of producing all goods and services in the United States.
Refer to the information provided in Table 24.5 below to answer the question(s) that follow.Table 24.5All Numbers are in $ Million
Refer to Table 24.5. The MPC in this economy is ________ and the MPS is ________.
A. 0.5; 0.5 B. 0.9; 0.1 C. 0.8; 0.2 D. 0.7; 0.5