Principles of Microeconomics (12th Edition)
12th Edition
ISBN: 9780134081199
Author: CASE
Publisher: PEARSON
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Question
Chapter 12, Problem 2.8P
(a)
To determine
Identify Pareto efficient change.
(b)
To determine
Identify Pareto efficient change.
(c)
To determine
Identify Pareto efficient change.
(d)
To determine
Identify Pareto efficient change.
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Identify the scarcity definition of economics from the following.
a.
the distribution of surplus goods to those in need.
b.
None of these
c.
ways to reduce wants to remove the problem of scarcity.
d.
the choices we make because of shortage of resources.
Suppose that you are president of the student government, and you have to decide how to allocate a $20,000 fund for guest speakers for the year. Conan O’Brien and Will Ferrell each cost $10,000 per appearance, Stephen Colbert costs $20,000 per appearance, and former economic advisers to the government charge $1,000 per lecture. Explain the economic problem of choice and scarcity in this case. What issues would you consider in arriving at a decision?
The production possibilities frontier curve illustrates that
a.
an economy's capacity to produce is unrelated to its population.
b.
if all the resources of an economy are being used efficiently, more of one good can be produced only if more of another good is produced.
c.
an economy will automatically move toward a point at which all of its resources are being used inefficiently.
d.
if all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced.
Chapter 12 Solutions
Principles of Microeconomics (12th Edition)
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- What does the Pareto efficiency criterion state? A. An allocation of resources is efficient if it maximizes government revenue B. An allocation of resources is efficient if it maximizes producer surplus C. An allocation of resources is efficient if it is impossible to make someone better off without making someone else worse off D. An allocation of resources is efficient if it allocates resources equally among all individualsarrow_forwardDescribe the field of economics known as microeconomics.What is the cost-benefit principle?arrow_forwardSuppose you are writing an argumentative essay about curfews and want to include the following ideas:Two years ago, the Hayville City council implemented a 10:00 p.m. curfew for residents under sixteen.The Hayville City police department saw no significant decrease in the rate of juvenile-related crime after the curfew was implemented.Which transition should you add between these sentences in order to communicate the relationship between the ideas effectively? Two years ago, the Hayville City council implemented a 10:00 p.m. curfew for residents under sixteen; as a matter of fact, the Hayville City police department saw no significant decrease in the rate of juvenile-related crime after the curfew was implemented. Two years ago, the Hayville City council implemented a 10:00 p.m. curfew for residents under sixteen; however, the Hayville City police department saw no significant decrease in the rate of juvenile-related crime after the…arrow_forward
- How does Homo Economicus influence economic models? Describe an argument against using Homo Economicus as the basis of economic theory.arrow_forwardSuppose you spend five hours studying for your final exam. In the first hour, you manage to review five pages of notes. In the second hour, your understanding of the first five pages allows you to cover seven additional pages. In the third hour, you cover five additional pages. In the fourth hour, you cover only two pages. By the fifth hour, you are so tired that you start to confuse yourself with what you have learned. Which economic concept best illustrates what you have just experienced? a. Law of diminishing returns b. Production function c. Short run d. Economic efficiencyarrow_forwardAccording to Polonyi,need for economy arises a)because scarcity of resources needs efficient allocation b)because humans cannot survive without interaction with nature c)because it provides physical environment to sustain human life d)because humans cannot survive without productionarrow_forward
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