In a consumer-oriented economy, the decision to save in order to promote economic growth:
a. means a sacrifice of current consumption in order to enhance future consumption.
b. must be enforced by high levels of taxation
c. cannot be expected to benefit future generations.
d. none of the above.
a
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A society consists of three individuals: Larry, Margaret, and Nina. In terms of income and utility, Larry is currently best-off, Margaret ranks in the middle, and Nina is worst-off. Which of the following statements is correct?
a. Utilitarianism suggests that government policies should strive to maximize the sum of all three individuals' utility. b. Liberalism suggests that government policies should strive to maximize the sum of Larry's utility and Nina's utility. c. Libertarianism suggests that government policies should strive to make Nina better off at the cost of Larry and Margaret. d. Utilitarianism suggests that the government policies should strive to make Nina better off than Margaret.
Why does the aggregate demand curve slope downward?
What will be an ideal response?