What is utilitarian justice?
What will be an ideal response?
Utilitarian justice is the idea that "a dollar in the hand of a rich person is worth less than a dollar in the hand of a poor person". If the marginal utility of income declines with income, transferring income from the rich to the poor will increase total utility.
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Which of the following applies to the "value of money"?
i. It is the inverse of the price level. ii. The value of money falls during economic expansions. iii. It is the quantity of goods and services that a unit of money will buy. A) iii only B) i and ii C) i, ii and iii D) ii and iii E) i and iii
Assume that the Fed is targeting interest rates. If a desirable new type of bank deposit increases the demand for money at a given level of income and the rate of interest, then
a. shocks to money demand will affect income. b. a negative shock to money demand will not affect income. c. inflation will decrease as the money supply decreases. d. both a and c. e. None of the above