Microeconomics-Efficiency Criteria [GATE (Graduate Aptitude Test in Engineering) Economics (XH-C1)]: Questions 1 - 2 of 2
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Question 1
Question MCQ▾
Suppose both the production and the consumption of a product generate externalities. At which of the following outputs would output be at the Pareto-efficient level.
Choices
Choice (4) | Response | |
---|---|---|
a. | Where marginal private cost equals marginal private benefit. | |
b. | Where marginal social cost equals marginal social benefit. | |
c. | Where marginal private cost equals marginal social benefit. | |
d. | Where marginal social cost equals marginal private benefit. |
Question 2
Question MCQ▾
Suppose a country uses its resources in a Pareto-efficient way. Which of the following statements is true?
Choices
Choice (4) | Response | |
---|---|---|
a. | There might be considerable inequality of income among the country՚s citizens. | |
b. | There might be inefficiency in production. | |
c. | There might be inefficiency in consumption. | |
d. | It might be possible to make one person better off without making another person worse off. |