Efficiency is an important social goal because:
A. it takes into consideration the distribution of income.
B. it assures a normative outcome.
C. movements toward economic efficiency make the total economic pie larger.
D. it assures a fair outcome.
Answer: C
You might also like to view...
Refer to Figure 3-2. An increase in the price of substitutes in production would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
Business plan competitions at universities are simply the culmination of an academic exercise.
Answer the following statement(s) true (T) or false (F)
According to many economists, government restrictions on ticket scalping do all of the following except
a. inconvenience the public. b. reduce the audience for cultural and sports events. c. waste police officers' time. d. keep the cost of tickets to all consumers low.
As the price level rises
a. people will want to buy more bonds, so the interest rate rises. b. people will want to buy fewer bonds, so the interest rate falls. c. people will want to buy more bonds, so the interest rate falls. d. people will want to buy fewer bonds, so the interest rate rises.