First welfare theorem - Study guides, Class notes & Summaries

What is a pareto improvement? correct answers If changing allocation can make someone better of while not making someone else worse off. E.g. raising utility for some while not reducing it for others. What is the Pareto optimum / a Pareto efficient allocation? correct answers The point where no one can be made better without making someone else worse off. What is the marginal rate of substitution and its formula? correct answers Marginal rate of substitution (MRS) across goods for an agent...

Extensive summary of the course Theory of Markets

WGU C207 Questions and Answers 2022/2023 What is the key focus on analysis? To predict trends using quantitative data. What are the four levels of measurement? 1. Nominal 2. Ordinal 3. Interval 4. Ratio Nominal data is categorical. It has no numerical value. It's not a number. Examples: -the types of pizza you sell -meatball -veggie -cheese (these are labels, they can't be added or subtracted) Ordinal data is ranked, but doesn't have a specific value. Examp...

sociological imagination correct answer: the ability to see how our experiences connect with structural arrangements of our society and the times in which we live Microsociology correct answer: the detailed study of what people say, do, and think moment by moment as they go about their daily lives. Macrosociology correct answer: focuses upon large-scale and long-term social processes of organizations, institutions, and broad social patterns Auguste Comte correct answer: The Founder ...

Econ 4520 Exam 3 Review Questions and Answers 2023 What factors are important in determining the length of the imitation and the length of the demand lag? imitation lag influenced by: -barriers to obtaining information regarding the production process -the existence of patents -the length of time needed to learn the production process even after the information is obtained -the extent to which multinational companies exist in the industry demand lag influenced by: -the degree to which ...

Chapter 03 - Describing Data: Numerical Measures Multiple Choice Questions Chapter 03 Describing Data: Numerical Measures 1. i. A value that is typical or representative of the data is referred to as a measure of central tendency. ii. The arithmetic mean is the sum of the observations divided by the total number of observations iii. The value of the observation in the center after they have been arranged in numerical order is called the weighted mean A. (i), (ii), and (iii) are all correct...

absolute advantage - Answer- The principle that reflects the idea, popularized by Adam Smith (1776), that countries should specialize in producing what they can produce more cheaply and importing those things others produce more cheaply. aggregate indifference curves - Answer- The set of indifference curves often used in general equilibrium models to represent a population's tastes and preferences. capital intensive - Answer- The description of an industry in the Heckscher-Ohlin model of ...

Name: Class: Date: Chapter 1 Copyright Macmillan Learning. Powered by Cognero. Page 1 Multiple Choice 1. An early response to the Covid-19 pandemic was the $2.2 trillion CARES Act signed into law that included: a. funding for broadband infrastructure, renter's assistance, and food security for low-income households only. b. a mandate for individuals who could not afford health insurance to purchase it or pay a penalty. c. direct payments to American households, unemployment benefits, an...

Name: Class: Date: Chapter 1 Copyright Macmillan Learning. Powered by Cognero. Page 1 Multiple Choice 1. An early response to the Covid-19 pandemic was the $2.2 trillion CARES Act signed into law that included: a. funding for broadband infrastructure, renter's assistance, and food security for low-income households only. b. a mandate for individuals who could not afford health insurance to purchase it or pay a penalty. c. direct payments to American households, unemployment benefits, an...

CPH Sample Exam 128 Questions with Verified Answers Which one of the following items does not represent the value of biostatistics in the assessment of health problems of the population and determine their extent? (A) Finding patterns in the collected data (B) Summarizing and presenting the information to best describe the target population (C) Deciding what information to gather to help identify the health problems (D) Accounting for possible inaccuracies in responses and measurements ...