The Maximin Principle Is the Idea That a Governmentshould

question 51

Multiple Choice

The maximin principle is the idea that a governmentshould:

• A)maximize the benefits accruing to the most disadvantaged group in society.(True Answer
• )Correct
• B)maximize the benefits accruing to the most advantaged group in society.
• C)minimize the benefits accruing to the most disadvantaged group in society.
• D)minimize the benefits accruing to the most advantaged group in society.

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Definitions:

U.S. Consumers

Individuals or households within the United States that purchase goods and services for personal use.

World Price

World price refers to the international market price of a good or service, influenced by global supply and demand forces.

No-Trade Situation

A scenario where no exchanges occur, either because market participants find no benefit in trading or due to barriers to trade.

World Price

The international market price at which goods and services are bought and sold on the global market.