The English Philosopher John Locke Argued That

question 64

Multiple Choice

The English philosopher John Locke argued that

• A) only when we think about both marginal benefits and marginal costs can we realize there are alternate ways of pursuing objectives.
• B) there should be a protective function and a productive function of government.
• C) people own themselves as well as the fruits of their labor and thus the role of government is to protect these natural rights of individuals.
• D) Competition is vital to the proper operation of the pricing mechanism.

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Definitions:

Recycling

The process of converting waste materials into new products to prevent waste of potentially useful materials, reduce consumption of fresh raw materials, and lower energy usage and pollution.

Marginal Benefit

The additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Marginal External Damages

Additional harm or cost imposed on society or a third party that is not accounted for by the producer or consumer of a good or service.

Marginal Social Cost

The total cost to society of producing an additional unit of a good or service, including both the cost to the producer and the cost to society of any environmental or other externalities.