A competitive equilibrium is Pareto efficient because at the competitive equilibrium,
A) prices have been allowed to adjust.
B) there are no further gains from trade.
C) the final outcome is different from the original inefficient endowment.
D) all members of society can be made better off.
B
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Which type of policy raises the most revenue for the government?
A) tariff B) quota C) voluntary export restraints D) If they are set at the same level, all of the above raise the same amount of revenue. E) None of the above answers is correct because none of the policies raises revenue for the government.
The industry that produces zangs is in long-run equilibrium. Then the demand for zangs increases permanently. As a result, firms in the industry will ________. Some firms will ________ the industry, and the industry supply curve will shift ________
A) make economic an profit; enter; rightward B) make zero economic profit; exit; leftward C) incur economic losses; exit; rightward D) incur economic losses; exit; leftward
Between 1780 and 1805, five Northern states enacted emancipation laws. All of the following statements characterize these laws except:
a. The emancipation laws provided for freedom of newborn babies when they reached adulthood. b. The emancipation laws allowed owners to avoid freeing slaves by selling them to Southerners. c. The emancipation laws provided for government agencies that assisted newly-freed slaves. d. The emancipation laws indirectly compensated owners for the losses incurred by freeing slaves.
The Bureau of :Labor Statistics has been compiling an experimental CPI for the elderly, called CPI-E
a. True b. False