A society consists of three individuals: Sam, Tristan, and Ulyana. In terms of income and utility, Sam is currently best-off, Tristan ranks in the middle, and Ulyana is worst-off. Which of the following statements is correct?
a. Utilitarianism suggests that government policies should strive to maximize Ulyana's utility.
b. Liberalism suggests that government policies should strive to increase Ulyana's utility.
c. Libertarianism suggests that government policies should strive to improve Tristan's utility at the cost of Sam's utility.
d. Libertarianism suggests that government policies should strive to make Sam, Tristan, and Ulyana equally well off.
b
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In a system in which there is an administered exchange rate, what is the term used when the government sets the rate lower to buy more units of foreign currency?
A) a revaluation B) an appreciation C) a depreciation D) a devaluation
Total income in an economy is equal to
A) the sum of wages, interest, rent, and profit. B) firm revenues. C) GDP minus net exports. D) income minus taxes.