Utilitarianism

question 29

Multiple Choice

Utilitarianism:

• A) is both process- and outcome-oriented.
• B) is neither process- nor outcome-oriented.
• C) is not a process-oriented notion of equity.
• D) is not an outcome-oriented notion of equity.

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Definitions:

New Classical Economists

A group of economists who emphasize the importance of rational expectations and market clearing in explaining economic fluctuations.

Governmental Intervention

Actions taken by a government to influence or regulate various aspects of its economy or society, often to correct market failures or promote social welfare.

Wage and Price Controls

Government-imposed limits on the prices that can be charged for goods and services and/or wages that can be paid, typically in an attempt to control inflation.

Tax Revenue

The funds governments accumulate from tax collection.