Which of the following are justifications for running a budget deficit?
a. stabilizing the economy during a recession
b. future generations will benefit from some current expenditures
c. both a and b
d. neither a nor b
b
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The characteristics that describe a perfectly competitive industry include
A) many firms selling an identical product. B) one firm selling to many buyers. C) many firms selling a slightly differentiated product. D) a few firms selling to many buyers. E) None of the above answers is correct.
One of the problems associated with the utilitarianism is that it does not recognize that
A) taxing those with higher incomes results in less work effort. B) each individual receives a different marginal benefit from a dollar's worth of income. C) equity is achieved when there is no poor and no rich. D) similar individuals should be treated the same.