Which of the following statements is characteristic of utilitarianism?
a. An extra dollar of income provides higher marginal utility to a poor person than to a rich person.
b. Social policies should be created behind a "veil of ignorance."
c. Society should strive to maximize the utility of its wealthiest member.
d. Equality of opportunity is more important than equality of incomes.
a
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With of the following is true with regard to leverage? a. The U.S.banking system uses very little leverage to ensure the safety of the banking system. b. Leverage in the banking system increases its potential for profits, but no losses
c. Losses borne by highly leveraged banks can have a ripple effect throughout the financial system. d. All of the above are true
Which of the following statements is TRUE regarding the textbook used in this course?
A) The textbook presents only economic theory, so no value judgments are involved in the text. B) The textbook does not include normative statements. C) The microeconomic section of the book includes only positive analysis while the macroeconomic section includes normative analysis. D) The selection of topics included in the book involves value judgments as well as economic theory.