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Econ 130 FINAL || All Answers Are Correct 100%.
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Efficiency from The First Fundamental Theorem of Welfare Economics requires correct answers that the economy is competitive. The marginal rate of substitution is correct answers the slope of the indifference curve. Market failure can occur when correct answers monopoly power exists in the mar...

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  • August 17, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • efficiency from the first fundamental theorem of w

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  • Econ 130
  • Econ 130

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Econ 130 FINAL || All Answers Are Correct 100%.
Efficiency from The First Fundamental Theorem of Welfare Economics requires correct answers
that the economy is competitive.

The marginal rate of substitution is correct answers the slope of the indifference curve.

Market failure can occur when correct answers monopoly power exists in the market.
when there is incomplete information.
when goods are non-rival and non-exclusive

A public good must be correct answers nonexcludable in consumption.

A social welfare function correct answers is a function that shows how individual utilities are
incorporated into society's well-being.

Movement from an inefficient allocation to a Pareto efficient allocation in the Edgeworth Box,
where parties trade freely to achieve the new allocation, will correct answers increase the utility
of at least one individual, but cannot decrease the utility of any individual.

Pareto points in the Edgeworth Box are correct answers found when indifference curves are
tangent.
found when MRS are equal.
found when one person cannot be made better off without making another person worse off.

The Second Fundamental Theorem of Welfare Economics requires correct answers that
indifference curves be convex to the origin.

The slope of a regression line could be calculated by dividing correct answers the change in
vertical distance by the change in horizontal distance.

Unobserved influences on a regression are captured in the correct answers error term.

Public finance correct answers develops principles for understanding the economic role of
government

Education is correct answers generally financed at the state and local level

Which equation could describe the output from a regression that describes API as a function of
class size and other factors? correct answers API = 692 + -0.48*pct_emerg + 2.78*ACS_k3 +
0.93*ACS46 + -0.14*pct_cred + -0.79*pct_meals + 0.71*pct_white + -2.26*pct_af_am + -
5.78*pct_am_ind + 0.99*pct_asian + 1.51*pct_fil + -2.62*pct_hisp + -3.04*pct_pac

If R-squared is equal to 0.75, correct answers about 75% of the variation in the dependent
variable can be explained by variation in the independent variables.

, The t-statistic for the coefficient on the variable "percent free meals" can provide information
about correct answers whether the percent of students who receive free meals has a significant
effect on test scores.

If someone experiences a 10% wage increase, economic theory tells us that correct answers the
effect on hours of work is ambiguous because of income and substitution effects.

The marginal social benefit from a public good is calculated by adding correct answers all of the
individual marginal benefits vertically.

To enhance social surplus (social welfare), government should tax or regulate to encourage firms
to reduce production if correct answers MSB < MSC

The price line in an Edgeworth Box will reach market clearing equilibrium when correct answers
at these relative prices, individuals select consumption at a single point in the Edgeworth Box.

The substitution effect from an increase in wage on a labor/leisure diagram can be seen as correct
answers a movement along an indifference curve when the slope of the budget line increases.

Aid for Families with Dependent Children correct answers Ended in 1996.

With a utilitarian additive social welfare function, if every individual has an identical utility
function with diminishing marginal returns to income, and if society's total income is fixed, to
maximize social welfare, correct answers income must be fully redistributed across all
individuals.

Which of the following groups has the highest poverty rate? correct answers people in families
with a female householder, no spouse present

When measuring poverty, which of the following is counted as part of a household's income?
correct answers Welfare payments.

The 2017 poverty guideline for a family of three is approximately correct answers $20,420

The benefit reduction rate is correct answers The share of a dollar of benefit that is taken away
for each dollar earned.

The purpose of the phase-out range of the EITC is to correct answers reduce benefits gradually,
to create few work disincentives.

Adding the option for welfare payments of $600 a month with zero hours of work to an
individual's budget constraint, with a benefit reduction rate of 1, causes correct answers a new
point above the original budget constraint, at 0 hours of work and $600, with a horizontal budget
constraint as hours of work rises.

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