The largest portion of Social Security expenditures is for
A. Medical benefits.
B. Retirement benefits.
C. Disability benefits.
D. Survivor benefits.
Answer: B
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When an outcome is ________, social surplus is ________
A) Pareto inefficient; maximized B) Pareto efficient; maximized C) Pareto efficient; minimized D) Pareto inefficient; minimized
Why does perfect competition guarantee a Pareto optimal distribution of goods between two people? Under perfect competition,
A) everyone has the same preferences. B) everyone faces the same prices. C) everyone consumes the same quantity of both goods. D) goods are homogeneous.
If disposable income and consumption in an economy are equal,
A. consumers must be incurring debt. B. consumption must also be equal to saving. C. household saving must be zero. D. None of these choices are true.
A pure monopoly can sell 20 toys per day for $8 each. To sell 21 toys per day, the price must be cut to $7. The marginal revenue of the 21st toy is
A. -$13. B. +$21. C. +$7. D. -$10.