The equality-efficiency trade-off refers to:
A.the conflict between risk averters and risk-takers.
B.the willingness of Congress to abandon existing welfare programs in favor of a comprehensive plan to increase education and training for low-income persons.
C.possible conflicts between the goals of economic efficiency and greater income equality.
D.the difference between the goals of income equality and equality of economic opportunity.
Answer: C.possible conflicts between the goals of economic efficiency and greater income equality.
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The price elasticity of demand for an agricultural product is 0.4. This value means that, when the quantity decreases 1 percent, the price
A) falls 4 percent. B) rises 4 percent. C) falls 2.5 percent. D) rises 2.5 percent. E) rises 0.25 percent.
Sue is maximizing her utility. Her MUx/Px = 10 and MUy = 40. Then the price of Y must be
A. $1. B. $4. C. $10. D. $40.