Economic efficiency
a. should be society's main goal
b. means that no Pareto improvements are possible
c. cannot coexist with Pareto efficiency
d. requires that income be distributed fairly
e. implies that goods can be reallocated in a way that benefits someone
B
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Discouraged workers are classified by the BLS as
A) out of the labor force. B) part-time employees. C) employed. D) part of the labor force. E) unemployed.
The cross price elasticity of demand for a good is the percentage change in the quantity demanded in response to a given percentage change in
A) income. B) the price of that good. C) the price of another good. D) the quantity demanded of another good.
In a world of perfect information, if consumers could costlessly contract with private contractors to produce a good and there were no economies of scale,
a. firms would be unnecessary b. markets would be unnecessary c. consumers would be unnecessary d. consumers would face greater production costs e. firms would be more efficient than the market
What is the difference between government deficit and government debt?