At the socially optimum equilibrium, net social welfare is at its minimum
a. True
b. False
Indicate whether the statement is true or false
False
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Outcomes are fair according to the
A) rules view if private property rights are established and trade is voluntary. B) results view if private property rights are established and trade is voluntary. C) rules view if there is not too much inequality. D) results view if there is not a big tradeoff. E) results view if there is equality of opportunity.
Rembrandt paintings are expensive and not as vital for life as milk, which is cheap
Marginal utility theory explains this paradox of value: The total utility from a Rembrandt painting is ________ than the total utility from milk, and the marginal utility from a Rembrandt painting is ________ than the marginal utility from milk. A) smaller; smaller B) smaller; larger C) larger; smaller D) larger; larger
What preconceptions do you have of "developing countries"? What do those preconceptions lead you to expect from this course?
What will be an ideal response?
Under a pure gold standard
A) the dollar is tied to gold and all other currencies are fixed relative to the dollar. B) all foreign exchanges involve gold for goods and services. C) all currencies are defined in terms of gold and these rates are fixed. D) all trade involves government agencies.