For most commonly used social welfare functions, an efficient allocation is
A) always preferred over any inefficient allocation.
B) not possible.
C) usually preferred.
D) never preferred.
C
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Economists
A) describe reducing tariffs and quotas as shallow integration. B) describe reducing tariffs and quotas as deep integration. C) believe that changing domestic policies affecting trade is a relatively simple process. D) believe that the work of reducing trade barriers is done since most tariffs are low and most quotas eliminated. E) believe the original motivation for nations forming domestic policies and regulations was to create trade barriers to foreign companies.
Legally speaking, the geographic concentration of slavery in the southern part of the U.S. is explained by all of the following except:
a. provisions in the Northwest Land Ordinance of 1787. b. plantations employing high slave labor were present in Southern states. c. laws allowing for gradual emancipation in some northern states. d. an amendment to the U.S. Constitution that allowed importation of slaves only through the port of Charleston after 1800.
The supply schedule is a description of
A. the basis of calculating market price. B. the quantity demanded at a single price. C. the supply offered according to demand. D. the relationship between quantity supplied and market price.
Which of the following would increase the demand for union labor?
A) increasing worker productivity B) increasing the demand for union made goods C) decreasing the demand for non-union-manufactured goods D) all of the above