True or False: A utilitarian social welfare function implies that income redistribution from rich to poor...
True or False: A utilitarian social welfare function implies that income redistribution from rich to poor will automatically reduce social welfare.
Homework Answers
A utilitarian social welfare function, also known as the Benthamite social welfare function, is given by the formula:
U =
In such a utility function, maximizing the total income of the society maximizes welfare i.e. irrespective of how the income is distributed in the society.
Thus, income redistribution from rich to poor does not effect the social welfare.
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True or False: A utilitarian social welfare function implies
that income redistribution from rich to poor...
Question 7 According to utilitarian justice, the redistribution of income from the rich to the poor...
Question 7 According to utilitarian justice, the redistribution of income from the rich to the poor causes the rich to sacrifice a lot and the poor to gain a little. the marginal utility of both the rich and the poor to increase. the marginal utility of both the rich and the poor to decrease. an increase in total utility because of the law of decreasing marginal utility.
Short Questions Please indicate whether the following statements are True, False or Uncertain. Support your answer...
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Should the government redistribute income (i.e., collect money from the rich in the form of taxes...
Should the government redistribute income (i.e., collect money from the rich in the form of taxes to give to the poor in the form of social programs such as welfare)? two positive and two negatives.
13.) True or False. The presentation of a multi-step income statement implies that "all income is...
13.) True or False. The presentation of a multi-step income statement implies that "all income is created equal". True False 14.) Which of the following is NOT an unusual item? O A.) Estimating recurring year end accrued expenses. B.) Material write down of intangible assets through impairment. C.) Adjusting the Allowance for Doubtful Accounts based on historical amounts uncollectible OD. Estimating recurring write downs of inventory to lower of cost or net realizable value O E. A, C, and D
True/False/Uncertain questions from a prior year's final exam. 1. Suppose a welfare program has a benefit guarantee...
True/False/Uncertain questions from a prior year's final exam. 1. Suppose a welfare program has a benefit guarantee of $10,000 and a benefit reduction rate of 50%. True/False/Uncertain: Increasing the benefit reduction rate would increase hours worked of low-wage workers. 2. Consider two countries, X and Y. These two countries have a similar income distribution, but the elasticity of taxable income is greater in X. True/False/Uncertain: Country X should set a higher income tax rate
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Which of the following is true about income inequality? Income inequality is necessary to establish social...
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2. Consider an economy with three individuals who are identical except for their income: individual 1...
2. Consider an economy with three individuals who are identical except for their income: individual 1 has one dollars, individual 2 has two dollars, and individual 3 has three dollars. Let the monetary utility function be U x1/2, where x is the income. If you are a social planner who use a utilitarian social welfare function (see Chapter 2, p55 for a definition) to measure social welfare, will you allow individual 1 to steal one dollar from individual 3?
Question 7 According to utilitarian justice, the redistribution of income from the rich to the poor causes the rich to sacrifice a lot and the poor to gain a little. the marginal utility of both the rich and the poor to increase. the marginal utility of both the rich and the poor to decrease. an increase in total utility because of the law of decreasing marginal utility.
Short Questions Please indicate whether the following statements are True, False or Uncertain. Support your answer with an explanation (one to two sentences) or a diagram (75% of credit is based on your explanation!) 1. The government should only intervene in the economy when there are market failures. [2 marks 2. A utilitarian social welfare function implies that income redistribution from rich to poor will reduce social welfare. [2 marks] 3. A policy intervation will increase social welfare if and...
13.) True or False. The presentation of a multi-step income statement implies that "all income is created equal". True False 14.) Which of the following is NOT an unusual item? O A.) Estimating recurring year end accrued expenses. B.) Material write down of intangible assets through impairment. C.) Adjusting the Allowance for Doubtful Accounts based on historical amounts uncollectible OD. Estimating recurring write downs of inventory to lower of cost or net realizable value O E. A, C, and D
True/False/Uncertain questions from a prior year's final exam. 1. Suppose a welfare program has a benefit guarantee of $10,000 and a benefit reduction rate of 50%. True/False/Uncertain: Increasing the benefit reduction rate would increase hours worked of low-wage workers. 2. Consider two countries, X and Y. These two countries have a similar income distribution, but the elasticity of taxable income is greater in X. True/False/Uncertain: Country X should set a higher income tax rate
True/False/Uncertain questions from a prior year's...
2. Consider an economy with three individuals who are identical except for their income: individual 1 has one dollars, individual 2 has two dollars, and individual 3 has three dollars. Let the monetary utility function be U x1/2, where x is the income. If you are a social planner who use a utilitarian social welfare function (see Chapter 2, p55 for a definition) to measure social welfare, will you allow individual 1 to steal one dollar from individual 3?
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