If society chose to maximize total utility rather than minimum utility,
a. society would achieve perfect income equality.
b. society would achieve the maximin objective.
c. its justice would be more utilitarian than Rawlsian.
d. its justice would be more Rawlsian than utilitarian.
c
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According to the new Keynesian theory, the widespread importance of small menu costs results in variations in aggregate demand causing both
A) smaller short-run adjustments in real GDP and immediate adjustment in the price level. B) smaller short-run adjustments in real GDP and delayed adjustment in the price level. C) greater short-run adjustments in the real GDP and immediate adjustment in the price level. D) greater short-run adjustments in real GDP and delayed adjustment in the price level.
Under the Bretton Woods system
A) the United States was the only nation with floating exchange rates. B) all nations fixed the value of their currencies against the dollar. C) the United States was the only nation with a fixed exchange rate. D) all nations allowed the value of their currencies to be determined by the free market.