According to the principle of Rawlsianism:
A. society should place equal weight on the well-being of every individual.
B. society should place all weight on the well-being of its worst-off member.
C. society should place all weight on the well-being of its best-off member.
D. equal division of society's resources among all members of the population is the most equitable outcome.
B. society should place all weight on the well-being of its worst-off member.
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The long-run Phillips curve is a horizontal line at the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. When trade opens up, the United States should produce:
A. apples, since they have a comparative advantage in the production of apples, and not trade. B. only apples, since they have a comparative advantage in the production of apples, and trade for shoes. C. only shoes, since they have a comparative advantage in the production of shoes, and not trade. D. both goods, since they have an absolute advantage in both goods, and not trade.