The First Theorem of Welfare Economics can be expressed as
A) the competitive equilibrium results only when no transactions costs exist.
B) the competitive equilibrium does not involve reallocation of endowments.
C) any efficient allocations can be achieved by competition.
D) the competitive equilibrium is efficient.
D
You might also like to view...
A ________ curve means that ________
A) horizontal demand; a change in price does not change total revenue B) horizontal demand; the elasticity of demand is less than 1 C) horizontal supply; the elasticity of supply is infinite D) horizontal supply; the elasticity of demand is infinite E) vertical demand; a change in price does not change total revenue
Which of the following would cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true degree of joblessness in the economy?
A) people employed in the underground economy B) unemployed persons who falsely report themselves as actively looking for a job C) retired people who have no intention of returning to work D) people with part-time jobs who would prefer to be working full time
The poverty rate of the elderly in the United States has
a. been constant since 1959 b. risen since 1959 because people are living longer c. fallen since 1959 because of the growth in Social Security and Medicare programs d. fallen since 1959 because of the growth in private retirement plans e. fallen since 1959, mainly because of inflation
Debt service is the amount:
A. of time and energy banks spend creating loans. B. of interest payments that need to be paid over the life of a loan. C. the nation is in debt, expressed as a percent of GDP. D. that consumers have to pay for their debts.