The benevolent social planner wants to extract the ________ the limited resources we have been given, and her objective is to ________ the size of the economic pie
A) greatest amount of happiness from; minimize
B) greatest amount of happiness from; maximize
C) least productive of; minimize
D) least productive of; maximize
B
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Adverse selection in insurance requires that
a. all people face the same risk b. potential customers facing more risk are no more interested in purchasing insurance c. people are not risk averse d. insurers cannot tell higher risk people from lower risk people
In order to increase society's well-being, education might be
a. taxed to discourage production b. subsidized to encourage production c. taxed to encourage production d. subsidized to discourage production e. provided without government intervention
The simple Keynesian income-expenditure graph
a. shows a picture of equilibrium where planned S equals planned I. b. assumes that the size of planned consumption will be determined by the size of disposable income. c. assumes that planned investment is not a function of the size of income. d. Does all of these.
Country X has a high unemployment rate. It follows that country X is operating
What will be an ideal response?