For a policy to be Pareto efficient, it must make everyone at least a little better off.
Answer the following statement true (T) or false (F)
False
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If seller increases the price of the good and the total revenue increases, this implies that the demand for the product is elastic.
Answer the following statement true (T) or false (F)
Holding other things constant, if the Japanese Yen, appreciates, it makes the imports to Japan
a. More expensive for Japanese customer b. Less expensive for Japanese customers c. Neither more or less expensive for importers d. None of the above
If the marginal utility of the 3rd cup of coffee is 23 and the marginal utility of the 4th cup is 15, then:
A. it is optimal for the consumer to have 4 cups of coffee. B. it is optimal for the consumer to have 3 cups of coffee. C. the price of a cup of coffee must be relatively low. D. there is evidence of diminishing marginal utility.
Quotas on an imported product
A. benefit domestic producers of the product. B. benefit foreign producers of the product. C. benefit domestic consumers of the product. D. hurt foreign consumers of the product.