If compared against other criteria for evaluating the public interest, the social welfare function is most comparable to _____
a. utilitarianism
b. the Pareto criteria
c. the potential compensation criterion
d. cost-benefit analysis
a
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When the marginal benefit and marginal cost of sodas are equal, then
A) the production of sodas might be allocatively efficient but it is definitely production inefficient. B) the allocatively inefficient amount of sodas is being produced. C) more sodas should be produced to reach the allocatively efficient quantity. D) fewer sodas should be produced to reach the allocatively efficient quantity. E) the allocatively efficient amount of sodas is being produced.
The labor force includes people who i. are less than 16 years of age. ii. are in institutions. iii. are actively seeking a job but do not have a job
A) i only B) i and iii C) i and ii D) iii only E) i, ii, and iii
The effort to collect and manage revenue from taxes is called:
A. an externality. B. deadweight loss. C. administrative burden. D. transfer of surplus.
Which line might represent an aggregate demand curve?
Refer to the graph above.
A. 1
B. 2
C. 3
D. 4