Rent subsidies and wage subsidies are better than price controls at helping the poor because they have no costs associated with them
a. True
b. False
Indicate whether the statement is true or false
False
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Under a Pareto Optimum
A) it is always possible to improve someone's welfare. B) it is never possible to improve someone's welfare. C) one can only reduce someone's welfare. D) it is impossible to reduce someone's welfare.
Organize the steps an economist would follow in the model-building process into their proper order. - Use simplifying assumptions - Develop a model - Collect data - Identify the problem - Formulate a conclusion
A. 1. Develop a model. 2. Collect data. 3. Use simplifying assumptions. 4. Identify the problem. 5. Formulate a conclusion. B. 1. Use simplifying assumptions. 2. Collect data. 3. Develop a model. 4. Identify the problem. 5. Formulate a conclusion. C. 1. Identify the problem. 2. Develop a model. 3. Use simplifying assumptions. 4. Collect data. 5. Formulate a conclusion. D. 1. Formulate a conclusion. 2. Collect data. 3. Identify the problem. 4. Develop a model. 5. Use simplifying assumptions.