In order for a central planner to achieve the invisible-hand type efficiency of a free market, the planner would
a. need masses of statistics.
b. be required to makes enormous calculations.
c. need to be able to measure a consumer's marginal utility in order to equate MU with MC.
d. All of the above would be required.
d
Economics
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A government surplus is
A) when it spends more than its income. B) when it owes more than what it is owed. C) when its income is higher than its spending. D) when it is owed more than what it owes.
Economics
A household member's decision about how much labor to supply is most closely linked to
a. the supply of factors of production other than labor. b. technological change. c. the tradeoff between leisure and work. d. immigration trends.
Economics