Taking money from a wealthy individual in order to feed a destitute family would be a Pareto improvement
a. True
b. False
B
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Property rights motivate people to work harder and produce more economic pie than they would if property rights were not well defined
Indicate whether the statement is true or false
Government attempts to set prices below market equilibrium can:
A. lead to more producer surplus. B. encourage more production. C. reduce the total surplus in the market. D. always create a better outcome.
The demand curve facing a monopolist is
a. horizontal at the market price. b. identical to the market demand curve for the good. c. exactly twice as steep as the market demand curve for the good. d. vertical because there are no competitors.
Between 1980 and 2000, income per person in India
A) doubled. B) tripled. C) quadrupled. D) decreased by 25 percent.