An increase in the minimum wage will cause a relatively large increase in unemployment among ?

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The maximin criterion suggested by Rawls’s theory of justice means that the government should aim to ?

A. Maximize the total utility of society B. Maximize the well-being of the worst-off person in society C. minimize the difference between the rich and poor D. maximize the economic freedom of individuals by minimizing government interference in private decision making E. minimize the well-being of the best-off person in society...

The formula for the marginal revenue product of labour (L is for labour, X is the product) is ?

A. MPL + PX B. (MPL) (PX) C. PX/MPL D. MPL/PX...

The term ‘rent’ as it is used by economists. refers to ?

A. the return to any factor of production that is in fixed supply B. the profit earned by the owner of any housing unit. C. the amount paid each year by a tenant for an apartment D. any profit earned by stockholders when they sell their stock...

Rawls’s suggestion that policy should be directed at maximizing the welfare of the least well off person in society is derived from ?

A. the idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that as long as there is no theft then there is no need for governments to intervene and redistribute income. B. the idea that people should consider policy … Rawls’s suggestion that policy should be directed at maximizing the welfare of the least well off person in society is derived from ?Read More...

VAT is a good example of which kind of tax ?

A. specific B. Direct C. Ad valorem D. Excise duty...