One Criticism of Bentham's Quantitative Model of the Utility Principle

question 67

Multiple Choice

One criticism of Bentham's quantitative model of the utility principle is that it could lead to results that seem deeply unjust. For example,

• A)it could allow a sadistic dictator to get away with torturing his subjects, on the grounds that his pleasure is so great it outweighs their collective pain.
• B)it oppresses strong, creative people with its slave morality.
• C)it tells us that we always ought to act selfishly in all circumstances.
• D)it requires us to put duty before pleasure.

Recognize the factors that shift the long-run aggregate supply curve and their implications for the economy.

Understand the concept and importance of a proxy in financial decisions.

Calculate and interpret the current share price of a company based on its dividend growth.

Determine and apply the concept of intrinsic value of a share based on free cash flow and dividend growth models.

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Definitions:

Producer Surplus

The difference between the amount a producer is paid for a good versus the minimum amount they would be willing to accept.

Equilibrium

A state in which market supply and demand balance each other, leading to price stability for a particular good or service.

Efficiency

The optimum allocation of resources to achieve the best possible output or outcome with minimal waste or inefficiency.

Equality

A state or condition of being equal, especially in status, rights, and opportunities.