Welfare economics is the study of the welfare system
a. True
b. False
Indicate whether the statement is true or false
False
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The rate of inflation in Vroomka, a small island country, was 12.3 percent last year. The value of the GDP deflator of the country last year was _____
a. 100.23 b. 123.00 c. 112.30 d. 87.70
The "unfair-competition" argument might be cited by an American who believes that
a. almost every country has a comparative advantage, relative to the United States, in producing almost all goods. b. young industries should be protected against foreign competition until they become profitable. c. the American automobile industry should be protected against Japanese firms that are able to produce automobiles at relatively low cost. d. the French government's subsidies to French farmers justify restrictions on American imports of French agricultural products.
"Private costs are borne by individuals while social costs are borne by society." Do you agree or disagree? Why?
What will be an ideal response?
The given data indicate that production in:
Answer the question on the basis of the following production possibilities tables for two countries, Latalia and Trombonia:
A. both Latalia and Trombonia is subject to constant opportunity costs.
B. Trombonia is subject to decreasing costs, but production in Latalia occurs under increasing
opportunity costs.
C. Latalia is subject to increasing costs, but production in Trombonia occurs under constant
opportunity costs.
D. both Latalia and Trombonia are subject to the law of increasing opportunity costs.