Which of the following is true of welfare states?
A) Resources are not equally distributed in a welfare state.
B) Resources are efficiently allocated in a welfare state.
C) A welfare state entails a huge cost on the society.
D) A welfare state usually has a regressive tax system.
C
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An increase in nominal gross domestic product necessarily entails an increase in
A) both real output and the price level. B) either real output or the price level (or both). C) real output and employment. D) the price level and employment.
Appendix: Revenue equivalence theorem refers to equal seller revenue in which of the following pairs:
a. sealed bid auctions and English auctions b. second highest wins and pays auctions and Dutch auctions c. English highest wins and pays auctions and sealed bid Dutch auctions d. highest wins and pays auctions and second highest wins and pay auctions
The Phillips curve shows the trade-off between rates of inflation and rates of unemployment
Indicate whether the statement is true or false
A profit maximizing monopolist always chooses to operate at the output level where
A. P = MR = MC. B. MR = MC = AC. C. P > MR = MC. D. P < MC = MR.