113 review questions copy

3 preferences are at least partly endogenous this

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ences are at least partly endogenous”. This means that preferences are A. determined partly by the influences of society itself. B. inward-looking. C. fixed and unchanging. D. an incomplete description of individual values. 4. A particular allocation of resources is Pareto efficient if A. it is possible to reallocate those resources in such a way that at least one individual is made better-off and no individual is made worse-off. B. it is not possible to reallocate those resources in such a way that at least one individual is made better-off and no individual is made worse-off. C. any deviation from that allocation would make every individual worse-off. D. it is not possible to reallocate those resources in such a way that makes every individual better-off. 5. “There is only one efficient allocation of resources”. True or false? A. True. B. False. 6. Different Pareto efficient allocations are distinguished by A. whether or not they maximize social welfare B. the distribution of wealth between people C....
View Full Document

Ask a homework question - tutors are online