If Pareto efficiency has been achieved
A) there are no additional Pareto improvements that can be made.
B) surplus is maximized.
C) economic efficiency is also achieved.
D) All of the above.
D
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Under the current Social Security System,
A) only tax rates are changed yearly to help cover changes increases in benefits. B) only benefits are changed to balance the budget of the Social Security System. C) benefits are changed only to reflect the preceding year's inflation. D) tax rates and benefits are changed yearly to balance the budget of the Social Security System.
If the economy were producing at point E and moved to point B the opportunity cost in terms of lost production of outboard motors would be
A. 16 units of outboard motors.
B. 14 units of outboard motors.
C. 12 units of outboard motors.
D. 10 units of outboard motors.
Other things being equal, appreciation of the dollar
A. decreases aggregate demand in the United States, and may decrease aggregate supply by increasing the prices of imported resources. B. increases aggregate demand in the United States, and may increase aggregate supply by reducing the prices of imported resources. C. increases aggregate demand in the United States, and may decrease aggregate supply by reducing the prices of imported resources. D. decreases aggregate demand in the United States, and may increase aggregate supply by reducing the prices of imported resources.
The more substitutes there are for a monopolist's product
A) the less elastic is the demand curve. B) the more elastic is the demand curve. C) the steeper is the demand curve. D) the more positively sloped the demand curve becomes.