Which of the following is not a drawback of utilitarianism?
a. There exists no valid way to make interpersonal utility comparisons.
b. Is incompatible with the Pareto criteria.
c. It is not directly compatible with economic efficiency.
d. It implies social arrangements that most people would find objectionable.
b
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Assume that the graphs show a competitive market for the product stated in the question below.
Select the graph above that best shows the change in the market following a reduction in the tax placed on the suppliers in the market.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
The demand curve facing the monopolist is
A) the same as the market demand curve. B) more elastic than the market demand curve. C) less elastic than the market demand curve. D) upward sloping.
Which of the following examples best illustrates the concept of derived demand?
A) An increase in the price of beef results in an increase in the demand for fish. B) The higher the demand for automobiles, the greater the demand for steel. C) The demand for Pepsi varies directly with the price of Coke. D) The demand for a good varies inversely with its price.
All types of unemployment are harmful to the economy
a. True b. False