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:

Inferior Good

An inferior good is a type of good whose demand decreases when consumer income rises, in contrast to normal goods, whose demand increases with rising incomes.

Shoes

Footwear items designed to protect and comfort the human foot while offering various styles and functions.

Income Elasticity

Measures how the quantity demanded of a good changes in response to a change in consumers' income.

Normal Good

A type of good for which demand increases as the income of consumers increases, and decreases when consumer income decreases.