"Equality of Opportunities Is More Important Than Equality of Incomes

question 119

Multiple Choice

"Equality of opportunities is more important than equality of incomes." This statement would be most likely attributed to which political philosophy?

• A)utilitarianism
• B)liberalism
• C)libertarianism
• D)welfarism

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Definitions:

Profit Maximization

A business objective aiming to achieve the highest profit possible, guiding decisions on production, pricing, and investment.

Economic Theory

A set of principles and models that explain how economies function, covering the distribution, consumption, and production of goods and services.

Moral Hazard

A situation where one party engages in risky behavior knowing that it is protected against the consequences, often due to the existence of insurance or similar safety nets.

Adverse Selection

A situation in which one party in a transaction has more or better information than the other, often leading to an imbalance and potentially unfavorable outcomes.