The Maximin Principle Is Influential Among Philosophers but Less So

question 216

Multiple Choice

The maximin principle is influential among philosophers but less so among economists because economists contend that:

• A) a little bit less income for the worst-off might be acceptable if it comes with a big enough gain to others.
• B) lower average income might be acceptable if income is more equally divided.
• C) higher average income is always better.
• D) a larger income inequality may be acceptable if the worst-off are less productive.

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Definitions:

Labor Hour

A measurement of work output or productivity calculated as the amount of labor input in terms of hours expended.

Time and Materials Pricing

A pricing strategy where the customer pays for the time spent on a project and the materials used, commonly used in service and contracting industries.

Variable Costs

Expenses that fluctuate in direct proportion to changes in the level of business activity or production volume, such as raw materials and direct labor.

Machine Hours

A measure of the amount of time a machine is operated, used in allocating manufacturing costs to products.