AP (Advanced Placement) Microeconomics: Questions 191 - 193 of 456
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Question 191
Question MCQ▾
Which of the following statements are correct about Pareto optimality?
(i) The concept is named after Thomas Pareto.
(ii) It is a condition of allocation of resources from where it is impossible to make someone better off without making someone worse off.
(iii) A Pareto improvement is an improvement in which one individual is made better off without making another worse off.
Choices
Choice (5) | Response | |
---|---|---|
a. | Only (ii) & (iii) | |
b. | All (i) , (ii) , (iii) are correct. | |
c. | Only (i) | |
d. | Only (i) & (ii) | |
e. | Question does not provide sufficient data or is vague |
Question 192
Question MCQ▾
Which of the following is not correct about Bergson Samuelson Social Welfare Function?
Choices
Choice (5) | Response | |
---|---|---|
a. | B-S welfare function is explained by social Indifference curve. | |
b. | It was specified to describe the society as a whole. | |
c. | B-S social welfare function is called individualistic social welfare Function. | |
d. | It is a Cardinal Index. | |
e. | None of the above |
Question 193
Question Matching-Pair▾
Find matching pair:
Choices
Choice (5) | Response | |
---|---|---|
a. | Perfect Competition — zero cross elasticity. | |
b. | Perfect competition — Infinite cross elasticity | |
c. | Monopoly — infinite cross elasticity | |
d. | Monopolistic competition — very low cross elasticity | |
e. | All of the above |