If indifference curves are concave to the origin, which assumption on preferences is violated?
A) Diminishing marginal rates of substitution
B) Transitivity of preferences
C) More is preferred to less
D) Completeness
A
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Indicate whether the statement is true or false
The British economist A. C. Pigou
a. wrote The Economics of Welfare in 1911. b. offered an explanation of the market economy's poor environmental performance. c. outlined an approach to environmental policy still in favor with economists today. d. All of the above are correct.
A country's production possibilities boundary shows that
A) when a society combines its resources inefficiently, it cannot produce more of one good without producing less of the other good. B) the supply for goods always exceeds the demand. C) all points inside the boundary are preferred to all points on the boundary. D) when a society combines its resources efficiently, it is always possible to produce more of all goods. E) when a society combines its resources efficiently, it cannot produce more of one good without producing less of the other good.
What is the difference between deflation and disinflation?
What will be an ideal response?