Suppose a society consists of only two people, John and Jane. A utilitarian would say that the proper role of government in this society is to
a. equalize the incomes of John and Jane.
b. equalize John's utility and Jane's utility.
c. equalize John's marginal utility and Jane's marginal utility.
d. maximize the sum of John's utility and Jane's utility.
d
Economics
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According to the 2007/2008 United Nations Human Development Report, the Gini ratio for Portugal is 38.5, Norway is 25.8, the United States is 40.8, and Russia is 39.9. Which of these four countries has the lowest level of income equality?
A) Portugal B) United States C) Norway D) Russia
Economics
Both income elasticity of demand and cross-price elasticity of demand coefficients can take on negative, zero, or positive values
a. True b. False
Economics