According to influential moral philosopher Jeremy Bentham:
A. utility functions should provide cardinal information about preferences.
B. the aim of public policy should maximize an individual's utility.
C. utility functions should provide ordinal information about preferences.
D. public policy decisions should be based on ordinal utility.
A. utility functions should provide cardinal information about preferences.
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Which of the following policy options would not be used to eliminate an inflationary gap?
a. Decrease government spending. b. Decrease consumption. c. Increase investment. d. Decrease taxes.
If an economy's GDP rises, then it must be the case that the economy's
a. income rises and saving falls. b. income and saving both rise. c. income rises and expenditure falls. d. income and expenditure both rise.