Exam 5: Welfare Economics and Efficiency Allocation

Welfare Economics is generally accepted as

If an economy operates on its production possibility curve, then the allocation of resources in that economy satisfies:

If some allocation of resources is Pareto efficient, then that allocation satisfies:

Who defines economic welfare as "that part of social (general) welfare that can be brought directly or indirectly into relation with the measuring rod of money."

The Fundamental Theorem of Welfare Economics:

When two commodities X and Y must be allocated among consumers, a necessary condition for distributive efficiency is that:

The marginal condition for a Pareto-optimal or -efficient distribution of commodities among consumers requires that the MRS between ______ be equal for all consumers.

The concept of 'Social Welfare Function' was propounded by A. Bergson in his article 'A Reformulation of Certain Aspects of Welfare Economics' published in the year 1938

Kaldor-Hicks compensation principle can be explained with the help of

Growth of GNP as A Criterion of Welfare was advocated by

If a brother and sister return home from trick-or-treating on Christmas and engage in a series of voluntary trades of candy, we can conclude that:

The necessary condition for allocative efficiency is that each commodity be produced in an amount that makes the marginal benefit to society of the last unit produced equal to the marginal cost to society of that last unit. The satisfaction of this condition in a market economy relies on the assumptions of:

Bergson's name is associated with

A famous welfare economics book called, "Economics of Welfare" was written by

A situation in which it is impossible to make anyone better-off without making someone worse-off is said to be

Which among the following is NOT a correct statement?

In Pareto welfare economics, Efficiency of distribution of commodities among consumers is related to

In Pareto welfare economics, Efficiency of the allocation of factors among firms is related to

Welfare is improved when 'the greatest good (is secured) for the greatest number' is a statement given by

According to AC Pigou, any reorganization of the economy which increases the share of the poor without reducing the national income is also considered an