An __________ is one in which is it not possible, through any change in the distribution of Good X or Good Y, to benefit one person without making some other person worse off.
Fill in the blank(s) with the appropriate word(s).
Ans: efficient distribution of fixed total quantities of goods
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The United Auto Workers is striking against Ford. The Teamsters refuse to deliver steel to Ford. This is an example of
A) a jurisdictional dispute and is illegal under the Taft-Hartley Act. B) a secondary boycott and is illegal under the Taft-Hartley Act. C) a sympathy strike and is illegal under the Taft-Hartley Act. D) a closed shop and is illegal under the Wagner Act.
Which of the following is true? I. A rational choice is always made in the pursuit of social interest. II. Economics is a social science. III. Economists try to understand how the economic world works by testing positive statements.
A. A rational choice is always made in the pursuit of social interest. B. ii and iii C. only i D. only ii E. only iii F. i and ii Reset Selection
Intermediate goods are goods and services used:
A. by the ultimate user. B. by state and local governments. C. as inputs. D. both as inputs and final goods.
In the short run, a firm should shut down when
A. MR = ATC. B. MR > MC. C. P < AVC. D. P > MC.