An allocation of resources is Pareto efficient if it is:
A. possible to make at least one consumer better off without making someone else worse off.
B. possible to make all consumers better off.
C. impossible to make any consumer better off without making someone else worse off.
D. impossible to make any consumer better off without making everyone worse off.
C. impossible to make any consumer better off without making someone else worse off.
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Refer to Table 2-4. Dina faces ________ opportunity costs in the production of sliders and hot wings
A) constant B) decreasing C) increasing D) negative
When money enables us to convert excess goods into money and retain the money, it is acting as a
a. medium of exchange. b. standard of value. c. standard of deferred payment. d. store of value.
The decision that households make to save is independent of the decisions businesses make to invest
Indicate whether the statement is true or false
If nominal wealth increases faster than real wealth:
A. real wealth must eventually decline. B. society is better off than if nominal wealth growth had matched real wealth growth. C. real wealth will eventually rise faster in order to catch up. D. asset inflation has occurred.