PS07_MC - Pls hand in via WebCT ECON1001 Problem Set 7...

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Pls hand in via WebCT!!! ECON1001 Problem Set 7 ECON1001: Principles of Microeconomics (Non-major) Problem Set #7 Part I: MC Question (Reference Copy) Release Date: 26 Oct (Fri) Due Date: 5pm, 2 Nov (Fri) Note: You are ONLY allowed to answer this part in the WebCT system. The tutor DOES NOT ACCEPT other ways in handling this MC part. Part II: Short Question Please download Question & Answer sheet of this part from the tutorial website. www.econ.hku.hk/econ1001 Thank you for your cooperation.
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Pls hand in via WebCT!!! ECON1001 Problem Set 7 Q1) The concept of efficiency is illustrated by which of the following statements? A) The production of the good generates very little pollution. B) At equilibrium, all mutually beneficial transactions have taken place. C) The production of the good generates very few by-products. D) The consumption of the good produces very little waste. E) At disequilibrium, no mutually beneficial transactions have occurred. Q2) A market equilibrium is only efficient when A) buyers and sellers each earn equal surplus from the transaction. B) consumer surplus and producer surplus are both zero C) All relevant costs, including those imposed on others, are accounted for. D)
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This note was uploaded on 10/02/2011 for the course ECON 1001 taught by Professor S.c during the Spring '10 term at HKU.

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PS07_MC - Pls hand in via WebCT ECON1001 Problem Set 7...

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