If a firm changed its fringe benefit program so that no employee suffered a loss in benefits and some employees enjoyed an increase in benefits, then
a. this could not be a Pareto improvement
b. the firm's policies are economically efficient
c. this could be a Pareto improvement
d. the firm's policies are fair
e. the firm is losing money
C
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Total revenue equals
a. price x quantity. b. price/quantity. c. (price x quantity) - total cost. d. output - input.
A good provides __________ and a bad provides __________
A) utility; satisfaction B) disutility; utility C) dissatisfaction; satisfaction D) utility; disutility E) satisfaction; utility
Even if a tax imposed in a market generates a loss in surplus for the participants in that market, the tax could still increase economic efficiency if:
A. the government needs to generate tax revenue. B. the public expenditures financed by the tax lead to a big enough increase in economic surplus. C. the tax revenue is used to fund spending by local governments. D. voters approve of the tax.
In the original Austin Powers, Dr. Evil is cryogenically frozen for thirty years (from the late 1960s to the late 1990s). Upon his return he hatches a plan to extort one million dollars from various world governments. His henchmen are unimpressed. What type(s) of inflation have made Dr. Evil's proposed blackmail amount seem too small?
A. demand-pull inflation B. both cost-push and demand-pull inflation C. cost-push inflation D. both cost-price and price-pull inflation