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ECS3704 ASSESSMENT 3 SEMESTER 2 2023 QUESTIONS AND ANSWERS
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ECS3704 ASSESSMENT 3 SEMESTER 2 2023 QUESTIONS AND ANSWERS
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ECS3704 ASSESSMENT 3 SEMESTER 2 2023 QUESTIONS AND ANSWERS
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According to Nozick’s entitlement theory
Select one:
a.
rectification of an injustice implies that if person A acquired a farm at the expense of person
B and against the will of person B, then person A must keep it.
b.
redistribution of wage income is justifiable.
c.
it is just to take land from an absentee land owner.
d.
would be fair if one or both of Nozick’s first two principles of justice have been violated.
Question text
Which of the following statements is/are correct?
Select one or more:
a.
Redistribution would be Pareto efficient if negative externalities are reduced in the process.
b.
Each Pareto efficient equilibrium position occurs at a different distribution of labour and
capital between individuals.
c.
Redistribution can be seen as a public good because its benefits are excludable.
Question text
Which of the following statements is/are correct?
Select one or more:
a.
The altruist motive for income redistribution means that people are prepared to redistribute
income simply because they are concerned and generous.
b.
A point such as F’ in figure 2.4 (consumption and overall equilibria) would lie on the grand-
utility possibility curve in figure 5.2.
c.
Community indifference curves such as W1 and W2 in figure 5.2 cannot be added to
determine total welfare.
Question text
Politicians can cause government failure through
Select one:
a.
profit maximising behaviour.
b.
vote-maximising behaviour
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