At a given point in time, the Rawlsian welfare function gives equal weight to each individual's utility
Indicate whether the statement is true or false
False. The Rawlsian welfare function gives a weight of 1 to the utility of the worst-off person and a weight of zero to the utilities of all others.
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Refer to Exhibit 11-4. If a person’s taxable income is $30,000, how much does he pay in taxes?
A. $4,850 B. $1,400 C. $3,900 D. $4,345
Contractors can use plywood or brick to construct walls. Suppose the price of bricks increases. Which of the figures above best illustrates the effect of this change on the market for plywood?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A or Figure C depending on how contractors react to the higher price of bricks.
The largest percent of colonial trade (both exports and imports) was with
(a) the United Kingdom. (b) Southern Europe. (c) Africa. (d) the West Indies.
How do taxation and user charges compare as government revenue sources?
A) Each generates about the same amount of government revenue. B) Revenues from taxation are much greater than revenues from user charges. C) User charges generate much more revenue than do taxes. D) We don't know because the government does not publish revenue figures broken down.