Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 2.1, Problem 4ST
To determine
Explain the given statement is true or false.
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In an economy, only one combination of goods is productive efficient. True or false?
In the economy, is there only one efficient combination of goods?
Suppose one person had all the resources in an economy. This is a Pareto efficient outcome.
A) True
B) False
Chapter 2 Solutions
Macroeconomics
Ch. 2.1 - Prob. 1STCh. 2.1 - Prob. 2STCh. 2.1 - Prob. 3STCh. 2.1 - Prob. 4STCh. 2 - Prob. 1QPCh. 2 - Prob. 2QPCh. 2 - Prob. 3QPCh. 2 - Prob. 4QPCh. 2 - Prob. 5QPCh. 2 - Prob. 6QP
Ch. 2 - Prob. 7QPCh. 2 - Prob. 8QPCh. 2 - Prob. 9QPCh. 2 - Prob. 10QPCh. 2 - Prob. 11QPCh. 2 - Prob. 12QPCh. 2 - Prob. 13QPCh. 2 - Prob. 1WNGCh. 2 - Prob. 2WNGCh. 2 - Prob. 3WNGCh. 2 - Prob. 4WNGCh. 2 - Prob. 5WNGCh. 2 - Prob. 6WNGCh. 2 - Prob. 7WNGCh. 2 - Prob. 8WNGCh. 2 - Prob. 9WNGCh. 2 - Prob. 10WNGCh. 2 - Prob. 11WNGCh. 2 - Prob. 12WNG
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Similar questions
- Explain equilibrium. Be specific and provide at least one example.arrow_forwardWhich of the points are feasible and which are efficient?arrow_forwardCHOOSE ONLY ONE OPTION FROM EACH PLEASE. Be aware that the numbers in the table reveal the labour HOURS needed to produce ONE unit of the good.arrow_forward
- If an economy cannot produce more of one good without producing less of another good, this implies that which of the following has been achieved? production efficiency minimum marginal cost maximum marginal benefit PPF efficiency allocative efficiencyarrow_forwardAccording to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the other part?arrow_forwardThere are only a few restaurants near a tourist attraction. These restaurants would mail discount coupons to local residents nearby and they find that this could help them earning more profits. Explain the economic principle behind this.arrow_forward
- How many units of labor and capital should be purchased to maximize production? What is the maximum number of units of production?arrow_forwardWhy social optimal output more beneficial to society?arrow_forwardSuppose that MASU managed to get Olivia Rodrigo to play a concert at Convocation Hall. Tickets cost $600. At the same time, Gheorghe Zamfir (The Master of the Pan Flute) is playing in Brunton Auditorium. Tickets cost $50. You've always wanted to see Zamfir, and consistently told your friends that you would pay up to $250 to see him in concert. What is your economic cost of going to the Olivia Rodrigo concert? Please provide your answer in monetary terms and show your reasoning.arrow_forward
- How do markets operate to bring product into existence? How does that relationship affect supply and demand for the various markets involved? In what ways has the change in supply and demand affected the market? What enabled the many participants in the production of this product to cooperate, and how has this affected the production of the product?arrow_forwardWhy should the economic decision be based on the objective of making the best use of limited resources?arrow_forwardYou and other college students are deciding whether to major in music or engineering. You learn that there is a shortage of engineers, making it easy for engineering graduates to find employment, while there is a glut of musicians for whom finding a job is difficult. As a result, you and many other college students decide to major in engineering. Which economic principle does this illustrate? a) Markets tend to move towards equilibrium as individuals respond to incentives. b) Government intervention can improve efficiency when there is a market failure. c) Changes in incentives are unlikely to change the decisions people make. d) Individuals do not normally take into account the decisions of other individuals.arrow_forward
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