If society were to maximize the utility of its best-off member, the final allocation would be
A) perfect equity.
B) on the contract curve.
C) Pareto-efficient.
D) one in which one person gets everything.
D
Economics
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Refer to the above figure. An increase in aggregate demand beyond real Gross Domestic Product (GDP) level Y1 would result in
A) a lower price level and an increases in real GDP. B) higher real GDP but not a higher price level. C) a lower price level but no change in real GDP. D) a higher price level but no change in real GDP.
Economics
The long-run production period: a. is a time when all inputs are variable
b. varies in length according to how capital goods are specialized. c. is likely longer for a steel manufacturer than for a retailer who sells watches off a cart at the local mall. d. is characterized by all of the above.
Economics