Which of the following ideas describes the concept of "utilitarianism"? I. Utilitarianism gained popularity in the 1930s. II. Utilitarians believed that a society should use only competitive markets to allocate resources. III
Utilitarians claimed that taking money from rich people and giving it to poorer people would make the economy more fair. A) III only
B) II only
C) I and II
D) I, II and III
A
Economics
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When a price shock occurs, the inflation rate is affected ________
A) only in the period of the price shock B) only in the period after the price shock C) only if the price shock causes a change in output D) only if the price shock persists for more than one period E) none of the above
Economics
When Scuba, Inc, lowered the price of a tank of compressed air by 20 percent, it sold 10 percent more tankfuls. The price elasticity for compressed air is
a. 2. b. 1/2. c. 1. d. 20.
Economics