Pareto improvement can be a reallocation of resources that makes more than one person better off.
A. True
B. False
C. Uncertain
A. True
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The world distribution of income has become more equal since 1970 because
A) the distribution of income within most countries has become more equal. B) foreign aid programs from rich nations have increased in size and especially in effectiveness. C) average incomes in poor nations, such as China, have risen faster than average incomes in rich nations, such as the United States. D) None of the above answers are correct.
Refer to Table 8-11. Nominal GDP for Tyrovia in 2016 equals
A) $1,140. B) $880. C) $690. D) $560.
\What are the marginal propensity to consume (MPC) and the marginal propensity to save (MPS)? How is the MPC related to the consumption function?
Which of the following is an accurate example of a perfectly competitive market?
a. If the price of corn is $6 a bushel, a corn farmer will receive $8 a bushel for his corn. b. If the price of soybeans is $7 a bushel, a soybean farmer will receive $7 a bushel for her soybeans. c. If the price of alfalfa is $5 a bushel, an alfalfa farmer will receive $4 a bushel for her alfalfa. d. If the price of barley is $4 a bushel, a barley farmer will receive $8 a bushel for his barley.