______ refers to the output level at which average cost is lowest.

If compared against other criteria for evaluating the public interest, the social welfare function is most comparable to _____

a. utilitarianism b. the Pareto criteria c. the potential compensation criterion d. cost-benefit analysis

Suppose that in 2020 the average citizen's federal tax bill is $11,888 per person, and total federal spending is $13,997 per person. In 2020, the federal government will have

a. a per person budget surplus of $2,109. b. a per person budget deficit of $2,109. c. horizontal equity. d. vertical equity.