John Rawls developed
A. the idea of utilitarian justice.
B. the theory of distributional justice.
C. the theory of comparative advantage.
D. the labor theory of value.
Answer: B
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For a perfectly competitive firm, in the long-run equilibrium
A) P = MC = ATC = MR. B) MR = MC = AFC. C) MR = P = ATC = AFC. D) P = MC > ATC.
If the slope of a curve is 1/5, we know that
A) the relationship is linear, and the line moves from lower left to upper right. B) the relationship is non-linear, and the line moves from lower left to upper right. C) the relationship is linear, and the line moves from upper left to lower right. D) the relationship is non-linear, and the line moves from upper left to lower right.
If the Prisoners' Dilemma is repeated over and over again with the same two players having an indefinite time horizon,
a. the unique equilibrium is to play the Nash equilibrium of Rat each period. b. players can cooperate on Silent if they are not too patient. c. players can cooperate on Silent if they are patient enough. d. players can only cooperate on Silent in the initial stages of the game.
When traders perceive a permanent money supply adjustment, long-term nominal interest rates ___ affected, the expected exchange rate ____ affected, and the spot exchange rate ___ affected.
a. are not; is; is b. are; is; is not c. are not; is not; is not d. are; is not; is