Philosopher John Rawls developed a thought experiment to help determine a standard by which we could say individuals are in agreement with the constitutional rules and, thus, actions of government. Behind his "veil of ignorance" _____

a. people know nothing about their friends and family
b. people know nothing about themselves
c. people know nothing about causal relationships
d. people know nothing about politics

b

Economics

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In late 2007 and early 2008, the U.S. Federal Reserve pursued expansionary monetary policy. Which of the following will occur as a result of this monetary policy action?

A) The LM curve shifts down. B) The LM curve shifts up. C) The IS curve shifts rightward as the interest rate falls. D) The IS curve shifts leftward as the interest rate increases. E) none of the above

Economics

An important distinction between the labor market and the market for commodities is:

a. that contracts are arrived at more easily in the former. b. the individual attributes of the buyer and seller hold far more importance in the former case. c. that it is impossible to prevent breach of contract in the labor market. d. that the market for commodities is a matching market while the former is not.

Economics