Exam 6: Exchange, Efficiency, and Prices

Figure 6-2 shows an Edgeworth box with the preferences of Kathy and Tom toward bread and candy. Figure 6-2 -A distribution of goods between Jack and Jill is efficient when:

(Multiple Choice)

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Question 61

Trade between two consumers will continue until it is no longer mutually beneficial.This does not imply that the final outcome will be a unique equilibrium because _____.

(Multiple Choice)

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Question 62

Why is it difficult to compare two efficient points and decide which one is better?

(Multiple Choice)

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Question 63

Which of the following must be true for voluntary exchange to be mutually beneficial?

(Multiple Choice)

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Question 64

When the marginal rates of substitution differ,then:

(Multiple Choice)

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Question 65

If Frank's and Jan's indifference curves intersect at the endowment point A,then:

(Multiple Choice)

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Question 66

Compared to rationing by prices,non-price rationing by queuing:

(Multiple Choice)

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Question 67

In an Edgeworth Box diagram,showing the distribution of two goods among two individuals:

(Multiple Choice)

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Question 68

Which of the following is most likely to be the most efficient method of allocation of a scarce resource?

(Multiple Choice)

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Question 69

Figure 6-2 shows an Edgeworth box with the preferences of Kathy and Tom toward bread and candy. Figure 6-2 -In an Edgeworth box diagram,which of the following statements is incorrect?

(Multiple Choice)

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Question 70

When the marginal rates of substitution [MRSs] for a given distribution of goods differ for two parties,which of the following is incorrect?

(Multiple Choice)

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Question 71

Given an Edgeworth exchange box showing Homer's and Sandy's endowments of donuts and coffee:

(Multiple Choice)

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Question 72

Consider a price-controlled good allocated to consumers on a first-come,first-served basis.Consumers end up waiting in line to purchase the good,and this:

(Multiple Choice)

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Question 73

When the marginal rates of substitution differ for two consumers:

(Multiple Choice)

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Question 74

Which of the following is true of the contract curve?

(Multiple Choice)

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Question 75

Suppose Jen and Mike have initial distributions of movie theater passes and gallons of gas such that Jen's marginal utility of movie passes and gasoline are both 5,while Mike's marginal utility of movie passes and gasoline are 8 and 1 respectively.If movie theater passes are $9 each and gasoline is $3 per gallon,which of the following should occur?

(Multiple Choice)

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Question 76

Which of the following is the best example of a price taker market?

(Multiple Choice)

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Question 77

What did the moral philosopher Adam Smith mean by his invisible hand theorem?

(Essay)

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Question 78

Figure 6-1 shows the distribution of steak and wine between Monica and Hank. Figure 6-1 ref SHAPE \* MERGEFORMAT $Figure 6-1 shows the distribution of steak and wine between Monica and Hank. Figure 6-1 ref SHAPE \* MERGEFORMAT -At point A in Figure 6-1,Monica's endowment of steak and wine is _,respectively.$ -At point A in Figure 6-1,Monica's endowment of steak and wine is _,respectively.

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Question 79

Showing 61 - 79 of 79

Figure 6-2 shows an Edgeworth box with the preferences of Kathy and Tom toward bread and candy. Figure 6-2 -A distribution of goods between Jack and Jill is efficient when:

Trade between two consumers will continue until it is no longer mutually beneficial.This does not imply that the final outcome will be a unique equilibrium because _____.

Why is it difficult to compare two efficient points and decide which one is better?

Which of the following must be true for voluntary exchange to be mutually beneficial?

When the marginal rates of substitution differ,then:

If Frank's and Jan's indifference curves intersect at the endowment point A,then:

Compared to rationing by prices,non-price rationing by queuing:

In an Edgeworth Box diagram,showing the distribution of two goods among two individuals:

Which of the following is most likely to be the most efficient method of allocation of a scarce resource?

Figure 6-2 shows an Edgeworth box with the preferences of Kathy and Tom toward bread and candy. Figure 6-2 -In an Edgeworth box diagram,which of the following statements is incorrect?

When the marginal rates of substitution [MRSs] for a given distribution of goods differ for two parties,which of the following is incorrect?

Given an Edgeworth exchange box showing Homer's and Sandy's endowments of donuts and coffee:

Consider a price-controlled good allocated to consumers on a first-come,first-served basis.Consumers end up waiting in line to purchase the good,and this:

When the marginal rates of substitution differ for two consumers:

Which of the following is true of the contract curve?

Which of the following is the best example of a price taker market?

What did the moral philosopher Adam Smith mean by his invisible hand theorem?

An Introduction to Microeconomics

Supply and Demand

The Theory of Consumer Choice

Individual and Market Demand

Using Consumer Choice Theory

Production

The Cost of Production

Profit Maximization in Perfectly Competitive Markets

Using the Competitive Model

Monopoly

Product Pricing With Monopoly Power

Monopolistic Competition and Oligopoly

Game Theory and the Economics of Information

Using Noncompetitive Market Models

Employment and Pricing of Inputs

Wages, Rent, Interest, and Profit

Using Input Market Analysis

General Equilibrium Analysis and Economic Efficiency

Public Goods and Externalities

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Exam 6: Exchange, Efficiency, and Prices

Figure 6-2 shows an Edgeworth box with the preferences of Kathy and Tom toward bread and candy. Figure 6-2 -A distribution of goods between Jack and Jill is efficient when:

Trade between two consumers will continue until it is no longer mutually beneficial.This does not imply that the final outcome will be a unique equilibrium because _____.

Why is it difficult to compare two efficient points and decide which one is better?

Which of the following must be true for voluntary exchange to be mutually beneficial?

When the marginal rates of substitution differ,then:

If Frank's and Jan's indifference curves intersect at the endowment point A,then:

Compared to rationing by prices,non-price rationing by queuing:

In an Edgeworth Box diagram,showing the distribution of two goods among two individuals:

Which of the following is most likely to be the most efficient method of allocation of a scarce resource?

Figure 6-2 shows an Edgeworth box with the preferences of Kathy and Tom toward bread and candy. Figure 6-2 -In an Edgeworth box diagram,which of the following statements is incorrect?

When the marginal rates of substitution [MRSs] for a given distribution of goods differ for two parties,which of the following is incorrect?

Given an Edgeworth exchange box showing Homer's and Sandy's endowments of donuts and coffee:

Consider a price-controlled good allocated to consumers on a first-come,first-served basis.Consumers end up waiting in line to purchase the good,and this:

When the marginal rates of substitution differ for two consumers:

Which of the following is true of the contract curve?

Which of the following is the best example of a price taker market?

What did the moral philosopher Adam Smith mean by his invisible hand theorem?

Figure 6-1 shows the distribution of steak and wine between Monica and Hank. Figure 6-1 ref SHAPE \* MERGEFORMAT -At point A in Figure 6-1,Monica's endowment of steak and wine is _____,respectively.

An Introduction to Microeconomics

Supply and Demand

The Theory of Consumer Choice

Individual and Market Demand

Using Consumer Choice Theory

Production

The Cost of Production

Profit Maximization in Perfectly Competitive Markets

Using the Competitive Model

Monopoly

Product Pricing With Monopoly Power

Monopolistic Competition and Oligopoly

Game Theory and the Economics of Information

Using Noncompetitive Market Models

Employment and Pricing of Inputs

Wages, Rent, Interest, and Profit

Using Input Market Analysis

General Equilibrium Analysis and Economic Efficiency

Public Goods and Externalities

Filters