Multiple Choice
The "Classical Dichotomy" refers to:
A) a distinction between "value in use" and "value in exchange."
B) separate theories of demand and supply.
C) the possibility of Giffen's Paradox.
D) determination of relative prices independent of the nominal price level.
Correct Answer:

Verified
Correct Answer:
Verified
Q14: In general,non-equilibrium prices occur because:<br>A)information is imperfect
Q15: The rate of product transformation (RPT)measures the
Q16: Every allocation of goods in a one
Q17: In an exchange economy A's utility is
Q18: An allocation of resources is technically efficient
Q19: The First Theorem of Welfare Economics states
Q20: In a two-good exchange economy,A's utility is
Q21: Consider three ways of allocating two goods
Q23: In a two-good world,every allocation would be
Q24: An efficient allocation of productive inputs requires