Utilitarianism is a principle whose goal is ________.

A) the greatest happiness for the greatest number
B) the greatest pay for the greatest number
C) equal pay for equal work
D) equal happiness for all workers


Ans: A) the greatest happiness for the greatest number

Economics

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A business incurs the following costs per unit: Labor - $5/unit; Materials $3/unit and rent - $5000/month. If the firm produces 100 . units a month, the total costs equals

a. $5,000 b. $8,000 c. $13,000 d. $3,000

Economics

If a firm currently sells a product at a point where the price elasticity of demand is 0.5, the firm needs to raise the price to maximize its total revenue.

Answer the following statement true (T) or false (F)

Economics

The last American niobium mine closed in 1959, and all U.S. niobium is now imported from other countries. This is

A. good for the United States because it is always better to import raw materials from other countries and export finished goods. B. bad for the United States because the niobium miners were put out of work. C. good for the United States because the resources used to mine niobium are freed to do something for which the United States has a comparative advantage. D. bad for the United States because the United States must give money to other countries in order to obtain niobium.

Economics

The government agency responsible for collecting and reporting unemployment data is the:

A. Bureau of Labor Statistics. B. Bureau of Unemployment. C. Bureau of Economic Analysis. D. Bureau of Economic Research.

Economics