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

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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

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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

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