"The government should choose policies deemed to be just, as evaluated by an impartial observer behind a ‘veil of ignorance.'" This statement is most closely associated with which political philosophy?
a. liberalism
b. utilitarianism
c. libertarianism
d. welfarism
a
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When an economist considers welfare evaluations, he is looking at
A) whether a policy increases social welfare. B) the ability of an economy to take care of the unemployed. C) price inertia. D) new open economy macroeconomics.
A government program that attempts to stimulate domestic production of a good in which the country has a natural comparative advantage because of its domestic resources is an example of a(n) ________ policy
A) primary-export-led B) import-substitution development C) outward-looking development D) linkage-effect
The following are all the forms of debt finance
A) bond, bank, and official finance B) bond and bank finance C) bond, bank, and portfolio finance D) foreign direct and portfolio investment E) direct investment, stock, and dividends
The fundamental rule of profit maximization for firms is to produce where:
a. MR = MC. b. ATC is minimized. c. quantity of output is maximized. d. price is maximized. e. total revenue is maximized.