Economic efficiency requires all Pareto improvements to be made
a. True
b. False
A
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Tariffs ________ a deadweight loss and import quotas ________ a deadweight loss
A) create; create B) do not create; create C) create; do not create D) do not create; do not create
Private costs are:
a. the full resource costs of an economic activity. b. always less than social costs. c. the costs of an economic activity borne by the producer. d. all of these.
A leftward shift of a demand curve is called a(n)
a. increase in demand. b. decrease in demand. c. decrease in quantity demanded. d. increase in quantity demanded.
People go to the bank more frequently to reduce currency holdings when inflation is high. The sacrifice of time and convenience that is involved in doing that is referred to as
a. inflation-induced tax distortion. b. relative-price-variability cost. c. shoeleather cost. d. menu cost.