Which of these statements is generally accepted by economists? Perfect competition
A) provides both equity and efficiency.
B) provides equity but not necessarily efficiency.
C) provides efficiency but not necessarily equity.
D) generally satisfies neither efficiency nor equity.
C
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In the United States, the government coordinates most of the economic activity
Indicate whether the statement is true or false
When social and private costs differ, economists state that
A) there will be economic profit in the society. B) the society will produce inside the production possibilities frontier. C) there is an externality. D) there is not an efficiency problem but an equity problem.
The winner's curse is more likely when the value of a good at auction is uncertain
a. True b. False
Discrimination occurs when the marketplace offers different opportunities to similar individuals who differ only by
a. age. b. years of experience. c. years of education. d. All of the above are forms of discrimination.