Assume a government likes a particular equilibrium along the contract curve. It can achieve that equilibrium through competition and income redistribution
Indicate whether the statement is true or false
True . This statement is called the Second Welfare Theorem.
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Comparative advantage is directly related to which of the following concepts?
A) productivity B) efficiency C) opportunity cost D) competition E) fairness
This is a question about "economic" efficiency: Prior to the 1960s, Catholic masses were officially conducted throughout the world only in the Latin language
Since the Vatican II reforms, Catholic masses are now generally conducted in the language spoken and understood by the local parishioners. What can an economist conclude? A) Catholic church authorities didn't like Latin anymore. B) Catholic church authorities once thought the use of Latin was efficient; during Vatican II the authorities in power decided it was inefficient. C) Catholic church parishoners didn't like Latin anymore. D) Nothing, because decisions related to religion are non-economic.