Question

Choose the correct answer / answers: A. When allocative efficiency prevails a) there is Pareto optimality....

Choose the correct answer / answers:

A. When allocative efficiency prevails
a) there is Pareto optimality.

b) the state is completely excluded from the economy.

c) there is no market failure.

d) there is distributive justice.

B. Pareto-optimal is a state when
a) improvements are possible for one operator without worsening the position of another operator
b) improvements are not possible for one market participant without weakening the position of another market participant.
c) allocative efficiency prevails.
d) simultaneous improvements are possible for all market participants.

C. Justice in economic policy means
a) the same as allocative efficiency
b) the same as Pareto efficiency.
c) the same as Pareto optimality.
d) the same as allocative efficiency.

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Homework Answers

Answer #1

A. When allocative efficiency prevails d) there is distributive justice. As allocaive efficiency refers to the situation where the goods and services are optimally divided or distributed among the people according to their preferences thus allocative efficiency refers to a distributive justice.

B. Pareto-optimal is a state when b) improvements are not possible for one market participant without weakening the position of another market participant. Pareto optimal is a state where each one is satisfied / better off with their allocation and no further changes is needed without making someone else worse of.

C. Justice in economic policy means a) the same as allocative efficiency , if an economy follows allocative efficiency, each and everyone will have optimal amount of good and services according to their preferences thus we can say it is the justice for economy.

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