The Assertion That If Resources Are Allocated Efficiently, They Also

question 350

Multiple Choice

The assertion that if resources are allocated efficiently, they also are allocated fairly is made by

• A) all utilitarians.
• B) John Rawls, who proposed making the poorest as well off as possible.
• C) Robert Nozick, who believes that equality of opportunity is fair.
• D) all economists who understand the big tradeoff.

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Definitions:

Liabilities

Future sacrifices of economic benefits that an entity is obliged to make to other entities due to past transactions or other past events.

Store Equipment

Store equipment encompasses all the fixed assets used in a retail store for display, storage, and operations, including shelving units, cash registers, and refrigeration systems.

Loss on Realization

Occurs when the proceeds from the sale of an asset are less than its carrying value.

Post-closing Account Balances

The balances in accounts that remain after all closing entries have been made at the end of the accounting period.