"The Government Should Choose Policies to Maximize the Total Utility

question 87

Multiple Choice

"The government should choose policies to maximize the total utility of society." This statement is most closely associated with which political philosophy?

• A)liberalism
• B)utilitarianism
• C)libertarianism
• D)welfarism

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Definitions:

Repeated Game

A strategic situation where the same game is played multiple times, allowing for strategy development based on prior outcomes.

Payoff Matrix

A table that shows the potential outcomes and payoffs resulting from different decisions or strategies in game theory.

Dominant Strategy

In game theory, a strategy that is the best choice for a player, regardless of the strategies chosen by other players.

Simultaneous Strategy

A tactic in game theory where players make their moves or decisions at the same time without knowledge of the others' choices, influencing outcomes in competitive situations.