For Rule Utilitarianism, the Right Act in a Given Situation

question 19

Multiple Choice

For rule utilitarianism, the right act in a given situation is

• A) normally determined by a rule or practice that is known to promote greater overall utility.
• B) always what will create the greatest overall utility.
• C) what is most widely accepted and practiced in one's culture.
• D) None of the above

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Definitions:

Government Failure

Occurs when the government becomes the tool of the rent seeker and the allocation of resources is made even less efficient by the intervention of government.

Profit-maximizing Number

The output level at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Rent Seeker

An individual or entity that seeks to increase their share of existing wealth without creating new wealth, often through manipulation of the economic environment.

Public Choice Theory

A framework that analyzes how public decisions are made, focusing on the behavior and interests of voters, politicians, and bureaucrats.