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Fairness, Justice, and Welfare

Description: This quiz covers the concepts of fairness, justice, and welfare in economics.
Number of Questions: 15
Created by:
Tags: welfare economics fairness justice
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What is the primary goal of welfare economics?

  1. To maximize the total utility of society

  2. To ensure that all individuals have equal access to resources

  3. To promote economic growth

  4. To reduce poverty and inequality

Show answer
Correct Option: A
Explanation:

The primary goal of welfare economics is to maximize the total utility of society, which is the sum of the utilities of all individuals in society.

Which of the following is a measure of social welfare?

  1. Gross domestic product (GDP)

  2. Consumer price index (CPI)

  3. Human Development Index (HDI)

  4. Gini coefficient

Show answer
Correct Option: C
Explanation:

The Human Development Index (HDI) is a measure of social welfare that takes into account life expectancy, education, and income.

What is the difference between fairness and justice?

  1. Fairness is about equality, while justice is about desert.

  2. Fairness is about process, while justice is about outcome.

  3. Fairness is about individual rights, while justice is about social welfare.

  4. Fairness is about the present, while justice is about the future.

Show answer
Correct Option: A
Explanation:

Fairness is about treating people equally, while justice is about giving people what they deserve.

Which of the following is a principle of distributive justice?

  1. To each according to their needs

  2. To each according to their abilities

  3. To each according to their contributions

  4. To each according to their social status

Show answer
Correct Option: A
Explanation:

The principle of distributive justice that states that people should be given what they need to live a good life is known as "to each according to their needs".

What is the difference between economic efficiency and social welfare?

  1. Economic efficiency is about maximizing output, while social welfare is about maximizing utility.

  2. Economic efficiency is about allocating resources efficiently, while social welfare is about distributing resources fairly.

  3. Economic efficiency is about the short-term, while social welfare is about the long-term.

  4. Economic efficiency is about the market, while social welfare is about the government.

Show answer
Correct Option: A
Explanation:

Economic efficiency is about producing the maximum amount of output with the given resources, while social welfare is about maximizing the total utility of society.

Which of the following is a market failure that can lead to a decrease in social welfare?

  1. Externalities

  2. Public goods

  3. Monopoly

  4. Information asymmetry

Show answer
Correct Option: A
Explanation:

Externalities are a type of market failure that occurs when the actions of one individual or firm have an impact on the welfare of others without compensation.

What is the role of government in promoting fairness, justice, and welfare?

  1. To regulate the economy

  2. To provide social welfare programs

  3. To enforce laws and regulations

  4. All of the above

Show answer
Correct Option: D
Explanation:

The government has a role to play in promoting fairness, justice, and welfare by regulating the economy, providing social welfare programs, and enforcing laws and regulations.

Which of the following is an example of a social welfare program?

  1. Social Security

  2. Medicare

  3. Medicaid

  4. All of the above

Show answer
Correct Option: D
Explanation:

Social Security, Medicare, and Medicaid are all examples of social welfare programs that provide financial assistance to individuals and families in need.

What is the difference between a positive and a normative statement in economics?

  1. A positive statement is a statement of fact, while a normative statement is a statement of opinion.

  2. A positive statement is based on evidence, while a normative statement is based on values.

  3. A positive statement is about the past or present, while a normative statement is about the future.

  4. All of the above

Show answer
Correct Option: D
Explanation:

A positive statement is a statement of fact that can be tested and verified, while a normative statement is a statement of opinion that cannot be tested and verified.

Which of the following is an example of a positive statement in economics?

  1. The unemployment rate in the United States is 4%.

  2. The government should increase the minimum wage.

  3. The economy is in a recession.

  4. The stock market is overvalued.

Show answer
Correct Option: A
Explanation:

The unemployment rate in the United States is 4% is a positive statement because it is a statement of fact that can be tested and verified.

Which of the following is an example of a normative statement in economics?

  1. The government should increase the minimum wage.

  2. The economy is in a recession.

  3. The stock market is overvalued.

  4. The unemployment rate in the United States is 4%.

Show answer
Correct Option: A
Explanation:

The government should increase the minimum wage is a normative statement because it is a statement of opinion that cannot be tested and verified.

What is the difference between equity and equality?

  1. Equity is about treating people fairly, while equality is about treating people equally.

  2. Equity is about giving people what they need, while equality is about giving people the same thing.

  3. Equity is about the process, while equality is about the outcome.

  4. All of the above

Show answer
Correct Option: D
Explanation:

Equity is about treating people fairly, equality is about treating people equally, equity is about giving people what they need, equality is about giving people the same thing, equity is about the process, and equality is about the outcome.

Which of the following is an example of equity?

  1. Giving a homeless person a place to stay

  2. Giving everyone the same amount of money

  3. Giving a disabled person a wheelchair

  4. All of the above

Show answer
Correct Option: D
Explanation:

Giving a homeless person a place to stay, giving everyone the same amount of money, and giving a disabled person a wheelchair are all examples of equity.

Which of the following is an example of equality?

  1. Giving everyone the same amount of money

  2. Giving everyone the same opportunities

  3. Treating everyone with respect

  4. All of the above

Show answer
Correct Option: D
Explanation:

Giving everyone the same amount of money, giving everyone the same opportunities, and treating everyone with respect are all examples of equality.

What is the difference between economic growth and economic development?

  1. Economic growth is about increasing the size of the economy, while economic development is about improving the quality of life.

  2. Economic growth is about increasing the GDP, while economic development is about increasing the HDI.

  3. Economic growth is about the short-term, while economic development is about the long-term.

  4. All of the above

Show answer
Correct Option: D
Explanation:

Economic growth is about increasing the size of the economy, economic development is about improving the quality of life, economic growth is about increasing the GDP, economic development is about increasing the HDI, economic growth is about the short-term, and economic development is about the long-term.

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