Economic Principles and Welfare Quiz
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Questions and Answers

Which type of economic principle predicts how people will behave?

  • Normative economic principle
  • Welfare economics
  • Positive economic principle (correct)
  • Market efficiency

    • Which field of study focuses on how the allocation of resources affects economic wellbeing?

  • Normative economics
  • Market efficiency
  • Welfare economics (correct)
  • Positive economics

    • What does market efficiency use welfare economics to assess?

  • The benefits consumers and producers receive from taking part in the market
  • The desirability of the outcome of free markets
  • The equilibrium price and quantity in a competitive market (correct)
  • The maximum amount that a buyer will pay

    • What does consumer surplus measure?

    <p>Economic welfare from the buyers side</p> Signup and view all the answers

    What does willingness to pay represent?

    <p>The maximum amount that a buyer will pay</p> Signup and view all the answers

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