One typical way that economists define efficiency is when it is possible to improve the situation of one party without imposing a cost on another.
Select whether the statement is true or false.
A. True
B. False
B. False
This statement is false. One typical way that economists define efficiency is when it is impossible to improve the situation of one party without imposing a cost on another.
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Suppose that the price of a jar of peanut butter is $5 and the price of a jar of jelly is $3. What is the relative price of a jar of peanut butter?
A) 2.400 B) 0.417 C) 0.250 D) 1.667
The funds paid to the government today for Social Security taxes are
A) invested to provide for the future benefits of the taxpayers. B) saved to ensure sufficient resources in the future to pay the benefits of workers today when they reach retirement age. C) used by the government to purchase goods and services that will enhance the future productivity of business in the country. D) used to pay the benefits of those who are currently retired.
If a price floor of $23 were placed on the market in the graph shown, which area represents the surplus that is transferred?
A. B + C + D
B. B + C
C. C
D. B
Ever since the birth of Keynesian economics in the 1930s,
a. controversy has developed over the extent to which government should play an active role in managing the economy. b. controversy has developed over the extent to which markets should play an active role in managing the economy. c. agreement has developed over the extent to which government should play an active role in managing the economy. d. agreement has developed over the extent to which markets should play an active role in managing the economy.