Outcome-oriented notions of equity:
A. focus on the procedures used to arrive at an allocation of resources rather than on the allocation itself.
B. focus on whether the process used to allocate resources yields fair results.
C. include process-oriented notions of equity.
D. focus on what people could choose rather than what they actually choose.
A. focus on the procedures used to arrive at an allocation of resources rather than on the allocation itself.
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What is the difference between physical capital and human capital?
What will be an ideal response?
A barter economy
A) cannot be a market economy. B) is an economy without monetary exchange. C) is an economy with no business firms. D) is not a competitive economy.
The unemployment rate may:
A. understate the effect of a recession on employment because some leave the labor force. B. understate the effect of a recession on employment because many enter the labor force. C. overstate the effect of a recession on employment because some leave the labor force. D. overstate the effect of a recession on employment because many enter the labor force.
When the government provides a public good such as a highway,
a. society benefits without necessarily involving a reallocation of resources b. only highway users benefit and that occurs without necessarily involving a reallocation of resources c. it uses resources, but the benefits are so great there is no resource reallocation effect d. it necessarily reallocates resources away from the production of other goods e. it has the same resource allocation effect on the economy as a government transfer payment