If government chooses a policy that does not lead to a Pareto improvement, one may say that
A) this policy creates only winners.
B) this policy creates winners and losers.
C) only poor people benefit from this policy.
D) this policy only creates losers.
B
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A jurisdictional dispute is a
A) strike by a union in sympathy with another union's strike or cause. B) dispute involving two or more unions over which should have control of a particular jurisdiction. C) business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired. D) legal environment in which businesses may hire nonunion members conditional on their joining the union by some specified date after employment begins.
Which of the following statements is true of a barter system? a. In a barter system economy, no rates of exchange are defined
b. In a barter system economy, there are as many different rates of exchange as there are pairs of goods to trade. c. In a barter system economy, rates of exchange are expressed in goods per dollar. d. In a barter system economy, rates of exchange are expressed in dollars per good. e. In a barter system economy, rates of exchange are denominated in gold or silver.
If a firm is earning a negative economic profit, it means that:
A. the resources should not be invested in other business opportunities. B. the opportunity cost is smaller than what the firm is earning. C. more profits could be earned with the same resources in another industry. D. it must be earning negative accounting profit.
According to the classical model, the income generated by production is
A. enough to purchase all the goods and services produced. B. fully spent on savings. C. enough to meet the needs of everyone in society. D. always insufficient to purchase all the goods and services produced.