Which of the following is correct?
a. Efficiency deals with the size of the economic pie, and equality deals with how fairly the pie is sliced.
b. Equality can be judged on positive grounds whereas efficiency requires normative judgments.
c. Efficiency is more difficult to evaluate than equality.
d. Equality and efficiency are both maximized in a society when total surplus is maximized.
a
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Refer to Scenario 17.1. If the threshold educational level y* is set at 14,
A) only individuals in Group A will attain it. B) only individuals in Group B will attain it. C) individuals in both groups will attain it. D) no individuals will attain it. E) some fraction of individuals in each group will attain it.
If two goods are complementary, a(n):
a. decrease in the price of one product will cause a decrease in the demand for the other product. b. decrease in the price of one product will cause an increase in the demand for the other product. c. increase in the price of one product will cause an increase in the supply of the other product. d. increase in the price of one product will cause a decrease in the supply of the other product. e. increase in the price of one product will cause an increase in the demand for the other product.