Explain why Robin Hood's practice of stealing from the rich to give to the poor is never Pareto efficient
What will be an ideal response?
When Robin steals from the rich, those people are made worse off. This cannot be Pareto efficient.
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Job search theory regards ________ unemployment as a socially valuable, productive investment undertaken by the job searcher
A) structural B) cyclical C) mismatch D) frictional
Regarding demand and supply, which of the following statements is NOT correct?
a. Demand and supply simultaneously determine equilibrium market price b. Demand expresses intentions, but supply does not c. Demand is a potential concept distinguished from the transactional even of "units sold" d. Supply is more like scenario planning for operations than for actual production e. all of the above statements are correct
Desired national saving would decrease unambiguously if there were
A. an increase in expected future output and a decrease in government purchases. B. a fall in both government purchases and expected future output. C. a decrease in current output and a decrease in taxes. D. an increase in both expected future output and the expected real interest rate.
The above figure shows a monopolistically competitive firm. The figure
A) is only a short-run illustration because the firm is making an economic profit. B) could be either a short-run or long-run illustration because monopolistically competitive firms can make an economic profit in the long-run. C) is only a long-run illustration because the firm is making zero economic profit. D) is neither a short- nor a long-run illustration.