Which of the following phrases best captures the notion of efficiency?
a. absolute fairness
b. equal distribution
c. minimum waste
d. equitable outcome
c
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Which of the following statements is true?
A) A higher wage can raise profits if productivity is directly proportional to wages. B) A higher wage can reduce the quantity supplied of labor. C) A higher wage can increase the quantity demanded of labor. D) A higher wage can raise profits if productivity of workers is fixed.
Compared to the US, the unemployment rate in Europe was ________ throughout the 1960s and 1970s and ________ after 1980
A) higher; lower B) lower; higher C) lower; remained lower D) higher, remained higher
Marti wanted to replenish her wardrobe and went to the $30 rack at K-Mart. There she saw three stylish dresses. She was delighted because she would have been willing to pay $40 for the first dress, $35 for the second dress, and $30 for the third dress. She bought all three. Which of the following is correct?
a. Only the third dress sold for its price. b. The consumer surplus she derived was $90. c. The consumer surplus she derived was $105. d. The consumer surplus she derived was $15. e. The consumer surplus she derived was zero because, for the third, price was exactly what she was willing to pay.
Under a gold standard in which France defined one franc to be worth 1/50th of an ounce of gold and the U.S. defined one dollar to be worth 1/10th of an ounce of gold, then
A. one U.S. dollar would exchange for five French francs. B. the French franc is worth only one-tenth as much as the dollar is worth. C. the U.S. dollar is valued at one-fifth of the French franc. D. on French franc would exchange for ten dollars.