Edgeworth box Samenvattingen, Notities en Examens

File: Chapter 02 Test Bank Multiple Choice [QUESTION] 1. Welfare economics A. does not depend on market interactions. B. only looks at the poorest parts of the economy. C. examines the social desirability of alternative economic states. D. uses only concepts of efficiency to evaluate the alternatives. Ans: C Topic: 02-01 Blooms: Remember Difficulty: Easy [QUESTION] 2. The absolute value of the slope of the production possibilities curve is the A. marginal rate of substitu...

ECON 2001-1 Week 3 MidTerm Grade Details1.Question: In the Dornbusch-Fischer-Samuelson graph above, a uniform improvement in labor productivity in all the home country's industries would shift the A schedule and would lead to the export of a number of goods by the home country. Your Answer: upward; greater CORRECT upward; smaller downward; greater downward; smaller Points Received:2 of 2 Comments: 2. Question: The following Classical-type table shows the number of days of labor in...

Comprehensive notes from ECO100 (grade A)... topics include: - Elasticity - International trade - Taxes, subsidies, and price supports - Consumer preferences - Budget constraints - Utility maximization - Income and substitution effects - Supply of labor - Intertemporal consumption - Uncertainty and consumer behavior - Reducing risk and crime - Theory of the firm - Production in the long run - Costs of production - Cost minimization and output maximization - Perfect competition ...