A. worse off; worse off
B. better off; better off
C. better off; worse off
D. equal, unequal
Related Mcqs:
- A competitive equilibrium is Pareto-efficient because ?
A. Producers are price takers
B. consumers and producers face the same prices
C. marginal costs and benefits are equal
D. prices equal marginal cost and benefit
E. All of the above - We cannot say whether one allocation of resources is better than another allocation because ?
A. some people can’t count
B. some people may not be permanent resident
C. not all economic activity is legal
D. We can’t make value judgments to compare different people’s welfare - The allocation of resources is not efficient if ?
A. the marginal cost of production does not equal society’s marginal benefit
B. the distribution is inequitable
C. economic growth is low
D. unemployment is high - Markets fail to produce an efficient allocation of resources, but government also fail because ?
A. elected officials will act selflessly for the good of society and ignore their own self interest
B. the managers of government agencies are trying to maximize the profit of their agency and they ignore the implications that this has on other departments
C. the optimal level of public goods may be too expensive for the society to produce
D. the measurement of social damages and benefits is difficult and imprecise - Polish economist Oskar Lange’s model of decentralized ______ combined the advantages of market allocation with more uniform income distribution by dividing the returns from social ownership of nonhuman productive resources among the whole population ?
A. market socialism
B. capitalism
C. mixed economy
D. monopoly - What is defined as the active management of resources to provide the greatest present benefit without comprising the potential benefits to future generations ?
A. Prudent development
B. Sustainable development
C. Managed economy
D. None of these - The idea that when externalities are present private parties can arrive at the efficient solution without government intervention under certain circumstance is known as ?
A. The coase theorem
B. Arrow’s impossibility theorem
C. the drop -in-the bucket problem.
the free rider problem - To maximise growth without making a loss a firm should produce the highest output where ?
A. Average revenue equals marginal cost
B. Average revenue equals average cost
C. Marginal revenue equals marginal cost
D. Average cost equals marginal cost - If the economy is at the peak of the business cycle, aggregate demand ____ unemployment _______ inflation _______ and the current account of the balance of payments is likely to move towards _______?
A. rise; falls; rise; deficit
B. falls; rises; falls; surplus
C. falls; falls; falls; surplus
D. is static; low; rises; deficit - _______ is the step in the selling process in which the salesperson learns as much as possible about a prospective customer before making a sales call?
A. Prospecting
B. Preapproach
C. Approach
D. Handling objections
