According to Utilitarian principles first discussed in the nineteenth century, fairness implies
A) equality of income.
B) equality of opportunity.
C) winner takes all.
D) maximizing consumption.
A
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Optimal decisions are made based upon the concept of opportunity cost.
Answer the following statement true (T) or false (F)
Use the following table showing the consumption schedule for a hypothetical economy to answer the next question.All figures are in billions of dollars.RGDPConsumption$600$590610598620606630614640622650630660638If gross investments were fixed at $16, taxes were zero, government purchases of goods and services were zero, and net exports were zero, then equilibrium real GDP would be $630 initially. If government purchases were then raised from $0 to $4, other things constant, then the equilibrium real GDP would become
A. $630. B. $660. C. $640. D. $650.
How does increasing wealth raise the cost of doing everything? By
A) bidding up the prices of labor-saving devices. B) increasing the time required to earn and manage the wealth. C) increasing the value of available alternatives. D) raising the cost of hiring servants. E) raising the rate of inflation.
Which of the following is true for a price-searcher firm?
a. Its marginal revenue curve will lie below its demand curve. b. Its marginal revenue curve will lie above its demand curve. c. Its marginal revenue curve is equal to its demand curve. d. Its marginal revenue curve is horizontal at the market equilibrium price.