Utilitarianism is inconsistent with _____. a. the social welfare function b. cost-benefit analysis c. the Pareto criteria d. slavery ANSWER c
Date: September 9th, 2020
The key difference between the Pareto optimality and Pareto superiority is that ______. a. Pareto optimality is incompatible with utilitarianism, while Pareto superiority is compatible b. Pareto superiority is superior to Pareto optimality c. Pareto optimality requires interpersonal utility calculations, while Pareto superiority does not d. Pareto optimality refers to a state of the world […]
Date: September 9th, 2020
The Pareto superiority concept _____. a. is equivalent to utilitarianism b. is equivalent to equilibrium in a perfectly competitive market c. compares two different states of the world d. looks at a state of the world and judges its superiority ANSWER c
Date: September 9th, 2020
The Pareto optimality concept is _____. a. equivalent to the concept of economic efficiency b. equivalent to Pareto superiority c. equivalent to utilitarianism d. equivalent to cost-benefit analysis ANSWER a
Date: September 9th, 2020
Using the above figure and the Pareto criteria to determine the public interest, would a move from point A to point C be in the public interest? a. yes b. no c. possible, depending upon other factors d. cannot say using the Pareto criteria ANSWER d
Date: September 9th, 2020
Which of the following is not an institution used by government to secure rights? a. The police. b. The military. c. The courts. d. The copyright office. ANSWER d
Date: September 9th, 2020
Which of the following are reasons to consider the protective role of the state in an economic framework? a. The protection of rights is necessary for a functioning economy. b. The protection of rights comprises a large portion of the government spending. c. The protection of rights is necessary for international trade. d. Both a […]
Date: September 9th, 2020
Pareto optimality and Pareto superiority _____. a. concern only monetary gains and losses b. compare utility gains with utility losses c. do not require interpersonal utility comparisons d. are equivalent to the concept of economic efficiency ANSWER c
Date: September 9th, 2020
As long as the value of additional units of output exceed the opportunity cost of that output, _____. a. it will not be produced b. it likely will not be produced c. it will be produced d. it is likely to be produced ANSWER c
Date: September 9th, 2020
Which of the below statements is true? a. It is efficient to produce beyond the equilibrium output level as long as costs are low. b. The level of output that maximizes the value of an economy’s output is found at the intersection of supply and demand in a competitive market. c. Production and exchange is […]
Date: September 9th, 2020
