Liberalism is founded on a premise that behind a "veil of ignorance,"
a. justice cannot be agreed upon.
b. everyone's income should be equal.
c. everyone would agree to "just" rules to reallocate income.
d. society should maximize the sum of individual utilities.
c
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Suppose that residents of France have seen their real wage rate increase over time. This means that
A) French workers' inflation rate has increased over time. B) French workers have increased their average hours of labor over time. C) French workers have received increases in their nominal wage rate over time. D) French workers have increased buying power. E) the CPI must have decreased over time.
Suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of $3 each. Which of the following statements is correct? (i) Marginal revenue equals $3. (ii) Average revenue equals $600. (iii) Average revenue exceeds marginal revenue, but we don't know by how much
a. (i) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)