When two people are on the contract curve, the allocation of goods
A) cannot be improved.
B) is pareto efficient.
C) is such that neither individual can be made better off without making the other worse off.
D) All of the above.
D
Economics
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An inferior good has a ________ income elasticity of demand and quantity demanded ________ as income rises
A) negative; increases B) negative; decreases C) positive; increases D) positive; decreases
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A leftward shift of the Japanese demand curve for foreign exchange will
a. increase the price of foreign exchange in Japan b. decrease the value of the yen c. make foreign goods more expensive in terms of yen d. make foreign goods less expensive in terms of yen e. make Japanese goods less expensive in terms of foreign exchange
Economics