A. redistributing income from rich to poor because this is what the members of society would choose to do if they were behind a veil of ignorance
B. redistributing income from rich to poor because due to the diminishing marginal utility of income, taking a pound from the rich reduces their utility by less than the gain in utility generated by giving a pound to the poor
C. allowing each individual to maximize their own utility without interference from the government
redistributing income from rich to poor because this would maximize the well-being of the worst-off person in society
Related Mcqs:
- Rank utilitarianism liberalism, and libertarianism in sequence from the political philosophy that would redistribute income the greatest to the one that would redistribute income the least?
A. utilitarianism, liberalism, libertarianism
B. All three political philosophies argue for similar degree of income redistribution
C. liberalism, libertarianism, utilitarianism
D. libertarianism liberalism, utilarianism
E. libertariansim, utilitarianism, libertarianism - Rawls’s miximin criterion does not mean that there should be redistribution so as to equalise everyone’s incomes in society because ?
A. Such redistribution would mean that those who worked hard were no better off than those who were lazy and this would be unfair.
B. such redistribution would not maximize the total income of all members of society
C. Such redistribution would remove the incentive to work hard, so society’s total income would fall, and so the least well off person would be worse off than they could be under a system in which there was some inequality income.
D. such redistribution would amount to confiscation of honestly earned income from higher earners and so would be unjust. - Suppose two economists are arguing about policies that deal with unemployment. One economist says. The government could lower unemployment by one percentage point if it would just increase government spending by 50 billion dollars the other economist responds Nonsense and poppycock! If the government spent an additional 50 billion dollars it would reduce unemployment by only one tenth of one percent. and that effect would only be temporary! These economists ?
A. None of these answers
B. Disagree because they have different scientific judgments
C. really don’t disagree at all. It just appears that they disagree
D. disagree because they have different values - A comparison of Japan’s policies before 1945 with the policies in effect after 1945 indicates that______________?
A. reduction in spending on military goods leads to economic depression
B. dependence on foreign trade usually leads to a weakened national economy
C. territorial aggression is not necessary to secure national economic goals
D. democratic institution hinder economic growth - Government policies that focus on changing taxes and government spending are called ?
A. fiscal policies
B. incomes policies
C. supply-side policies
D. monetary policies - In general, if a benevolent social planner wanted to maximize the total benefits received by buyers and sellers in a market, the planner should?
A. choose a price below the market equilibrium price
B. allow the market to seek equilibrium on its own.
C. Choose any price the planner wants because the losses to the sellers (buyers) from any change in price are exactly offset by the gains to the buyers (sellers).
D. choose a price above the market equilibrium price - For economists, the word “utility” means:
A. versatility and flexibility
B. rationality
C. pleasure and satisfaction
D. purposefulnessSubmitted by: Mansoor Ul Haque
- If marginal utility is zero ?
A. Total utility is zero
B. An additional unit of consumption will decrease total utility
C. An additional unit of consumption will increase total utility
D. Total utility is maximized - According to the law of diminishing utility ?
A. Utility is at a maximum with the first unit
B. Increasing units of consumption increase the marginal utility
C. Marginal product will fall as more units are consumed
D. Total utility will rise at a falling rate as more units are consumed - The extra utility from consuming one more unit of a good is called ?
A. Marginal utility
B. Additional utility
C. Surplus utility
D. Bonus utility
