One Problem with the Concept of Utilitarianism Is That

question 230

Multiple Choice

One problem with the concept of utilitarianism is that

• A) there is a cost to transferring income from the rich to the poor.
• B) there are increasing marginal costs.
• C) there are decreasing marginal benefits.
• D) markets cannot adjust to income redistribution.

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Definitions:

Process Costing System

A method of accounting that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process, to products by averaging them over units of output.

Downstream Costs

Costs incurred after the production phase, such as distribution and marketing expenses, as well as after-sales service costs.

Upstream Costs

Expenses incurred in the early stages of the production process, which can include exploration, development, and extraction in the oil and gas industry.

Inventory Valuation

The method used to calculate the cost of goods sold and ending inventory value for financial reporting.