Explain the modified version of utilitarianism proposed in the book entitled "A Theory of Justice," by the philosopher John Rawls and its relationship to the "big tradeoff."

What will be an ideal response?

Rawls was aware that extensive redistribution of income could decrease the average income, which is the tradeoff captured by the "big tradeoff." Thus perfect equality of income might result in everyone having lower income than would otherwise be the case. To overcome this issue, according to John Rawls, the fairest distribution of the economic pie is the one that provides the poorest person the largest income possible. Hence less redistribution will take place than if perfect equality was the goal. As a result, average income will decrease less and the poorest person would be better off.

Economics

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When the price level rises, the quantity of real GDP supplied ________ because ________

A) increases; new businesses open B) increases; businesses fail and have to shut their doors C) decreases; businesses fail and have to shut their doors D) increases; AS curve shifts rightward E) decreases; new businesses open

Economics

Marginal Revenue is

A) the increase in total revenue from selling one more unit of output. B) equal to P(1 + 1/e). C) equal to P when the price elasticity of demand is infinite. D) All of the above.

Economics