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1 20 3. 4 9. 100 110 12 13 14 15 160 17C 18 19 20 31 21 22 23G 24 25 u. DOI (a) ana (C). O e. Both (b) and (c). O f. None of the above. QUESTION 4 Which of the following is true about exchange economies? O a. All core allocations are efficient. O b.In 2-person exchange economies, the core is equal to the set of efficient allocations that is also mutually beneficial relative to initial endowments. O c. In n-person exchange economies (with n>2), the core is smaller than the set of efficient allocations that is also mutually beneficial relative to initial endowments. O d. (a) and (b) are true. O e. (a) and (c) are true. O f. (b) and (c) are true. O g. All of the above are true. O h. None of the above are true. QUESTION 5 Which of the following is true about competitive equilibria in environments where the conditions of the first welfare theorem are satisfied? O a. We have to be able to represent the demand side of the economy by a representative consumer. O b.Consumer surplus is smaller than what would be estimated if it were measured on the market demand curve when goods are normal.

1 20 3. 4 9. 100 110 12 13 14 15 160 17C 18 19 20 31 21 22 23G 24 25 u. DOI (a) ana (C). O e. Both (b) and (c). O f. None of the above. QUESTION 4 Which of the following is true about exchange economies? O a. All core allocations are efficient. O b.In 2-person exchange economies, the core is equal to the set of efficient allocations that is also mutually beneficial relative to initial endowments. O c. In n-person exchange economies (with n>2), the core is smaller than the set of efficient allocations that is also mutually beneficial relative to initial endowments. O d. (a) and (b) are true. O e. (a) and (c) are true. O f. (b) and (c) are true. O g. All of the above are true. O h. None of the above are true. QUESTION 5 Which of the following is true about competitive equilibria in environments where the conditions of the first welfare theorem are satisfied? O a. We have to be able to represent the demand side of the economy by a representative consumer. O b.Consumer surplus is smaller than what would be estimated if it were measured on the market demand curve when goods are normal.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains From Trade
Section: Chapter Questions
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1 20 3. 4 9. 100 110 12 13 14 15 160 17C 18 19 20 31 21 22 23G 24 25 u. DOI (a) ana (C). O e. Both (b) and (c). O f. None of the above. QUESTION 4 Which of the following is true about exchange economies? O a. All core allocations are efficient. O b.In 2-person exchange economies, the core is equal to the set of efficient allocations that is also mutually beneficial relative to initial endowments. O c. In n-person exchange economies (with n>2), the core is smaller than the set of efficient allocations that is also mutually beneficial relative to initial endowments. O d. (a) and (b) are true. O e. (a) and (c) are true. O f. (b) and (c) are true. O g. All of the above are true. O h. None of the above are true. QUESTION 5 Which of the following is true about competitive equilibria in environments where the conditions of the first welfare theorem are satisfied? O a. We have to be able to represent the demand side of the economy by a representative consumer. O b.Consumer surplus is smaller than what would be estimated if it were measured on the market demand curve when goods are normal.
Transcribed Image Text:1 20 3. 4 9. 100 110 12 13 14 15 160 17C 18 19 20 31 21 22 23G 24 25 u. DOI (a) ana (C). O e. Both (b) and (c). O f. None of the above. QUESTION 4 Which of the following is true about exchange economies? O a. All core allocations are efficient. O b.In 2-person exchange economies, the core is equal to the set of efficient allocations that is also mutually beneficial relative to initial endowments. O c. In n-person exchange economies (with n>2), the core is smaller than the set of efficient allocations that is also mutually beneficial relative to initial endowments. O d. (a) and (b) are true. O e. (a) and (c) are true. O f. (b) and (c) are true. O g. All of the above are true. O h. None of the above are true. QUESTION 5 Which of the following is true about competitive equilibria in environments where the conditions of the first welfare theorem are satisfied? O a. We have to be able to represent the demand side of the economy by a representative consumer. O b.Consumer surplus is smaller than what would be estimated if it were measured on the market demand curve when goods are normal.
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