Assume some gain and some lose as the result of a change. If we can demonstrate the value of the gains are less than the value of the losses, then we say the change is
A. potentially efficient.
B. technically efficient.
C. unequivocally Pareto optimal.
D. inefficient.
Answer: D
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One reason markets may fail to provide the optimal quantity of public goods is the problem of
A) determining what the public wants. B) nontariff barriers. C) nondiscrimination. D) free riders. E) economic integration.
Compared to the perfectly competitive firm, the monopolist's input demand curve is
A) more elastic. B) more inelastic. C) due to a constant per-unit price of the product. D) marginal factor cost.
Stock prices can be described as "random walks" if there is no relationship between one day's prices and the following day's prices
a. True b. False Indicate whether the statement is true or false
In communism, central planners decide which of the following?
a. what goods and services will be produced b. how much will be produced c. who will produce and consume the goods and services d. All of the above are correct.