Any competitive equilibrium is Pareto efficient because with a competitive equilibrium,
A) the marginal rates of substitution are equal for all consumers.
B) the price line is the contract curve.
C) mutual gains from trade exist.
D) the slope of the price line equals the ratio of the MRS for all consumers.
A
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a. current account b. capital account c. balance of trade d. export of services e. none, because it does not involve U.S. dollars
One way that governments can improve market outcomes is to ensure that individuals are able to own and exercise control over their scarce resources
a. True b. False Indicate whether the statement is true or false
Hyperinflation is generally defined as inflation that exceeds 50 percent per month
a. True b. False Indicate whether the statement is true or false
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A. employed, unemployed, or discouraged worker. B. employed, unemployed, or out of the labor force. C. part-time worker, full-time worker, or unemployed. D. part-time worker, full-time worker, or out of the labor force.