Chapter 7 Choices
Chapter 7 Choices
1. a situation is efficient if e a. no change can help some people without hurting others e b. the gain for some people offsets the loss for others CC. the gain for some people more than offsets the loss to others ed. consumer surplus is maximized .e. producer surplus is maximized
1. A situation is efficient if a. no change can help some people without hurting others. b. the gain for some people offsets the loss for others. c. the gain for some people more than offsets the loss to others. d. consumer surplus is maximized. e. producer surplus is maximized
e 2. ASSume F bring 30 cookies into a class with 30 students. Which of the following situations is pareto efficient? ea./I give one cookie to each student e b. I give all 30 cookies to one student ec. I divide all of the cookies equally among the female students ed. let the best 15 students have 2 cookies each ●e. all of the above
2. Assume I bring 30 cookies into a class with 30 students. Which of the following situations is Pareto efficient? a. I give one cookie to each student. b. I give all 30 cookies to one student. c. I divide all of the cookies equally among the female students. d. I let the best 15 students have 2 cookies each. e. all of the above
93. If a market is not in equilibrium which of the following is always true? a. The quantity exchanged is below equilibrium quantity. ?b. The quantity eXchanged is above equilibrium quantity. e C. The price is above the equilibrium price .d. The price is below the equilibrium price ee. No transaction can be made that will benefit both a buyer and seller
3. If a market is not in equilibrium, which of the following is always true? a. The quantity exchanged is below equilibrium quantity. b. The quantity exchanged is above equilibrium quantity. c. The price is above the equilibrium price. d. The price is below the equilibrium price. e. No transaction can be made that will benefit both a buyer and seller
4. Total economic surplus is e a. the sum of all the individual economic surpluses gained by buyers and sellers in a market eb. the sum of producer and consumer surplus in a market e c. maximized at market equilibrium ed. a measure that can be used to determine efficiency ●e. all of the above
4. Total economic surplus is a. the sum of all the individual economic surpluses gained by buyers and sellers in a market. b. the sum of producer and consumer surplus in a market. c. maximized at market equilibrium. d. a measure that can be used to determine efficiency. e. all of the above