Equity and efficiency can be achieved simultaneously through competition
Indicate whether the statement is true or false
False. Equity involves value judgments and achieving it will usually result in lessened efficiency.
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The own-price elasticity of demand is defined as:
a. the ratio of a change in quantity demanded and the change in price. b. the ratio of the percentage change in quantity demanded to the percentage change in price. c. the ratio of the percentage change in quantity demanded to the percentage change in input prices. d. the ratio of a change in output and the change in input usage.
Which of the following will likely have the strongest demand for large expenditures on environmental quality?
a. wealthy countries b. poor countries c. countries with air pollution problems d. countries with water pollution problems
Which of the following is NOT a characteristic of perfect competition?
A) There are large numbers of buyers and sellers. B) The firms in an industry produce goods that are different from each other. C) Any firm can easily enter or leave the industry. D) Both buyers and sellers have equally good information.
When incentives to earn income are distorted by income redistribution programs,
a. losses can exceed potential gains from greater equality of income. b. total income in an economy can fall. c. total utility in society can fall. d. All of the above are correct.