Each of the following statements is true regarding the social welfare function EXCEPT:
A. it summarizes judgments about resource allocations.
B. it assigns a number that indicates the overall level of social welfare.
C. it was pioneered by Abram Bergson and Paul Samuelson.
D. it is generally viewed as very weak economic theory.
D. it is generally viewed as very weak economic theory.
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If the price of a product increases, we would expect
A) the level of demand to decrease. B) quantity supplied to increase. C) the level of supply to increase. D) an increase in quantity demanded.
Marginal cost
a. is the increase in total cost resulting from production of one additional unit of output. b. is the cost of the marginal unit of output. c. and the average cost curve are U-shaped. d. All of the above are correct.
Cost-push inflation can be described as a rightward shift of the aggregate supply curve.
Answer the following statement true (T) or false (F)
The distributions of tax burdens among various groups in society is known as
A. tax incidence. B. a proportional tax. C. a progressive tax. D. a regressive tax.