Question

In: Economics

10. _____True or False: Economic interactions are governed by institutions, which specify the rules of the...

10. _____True or False: Economic interactions are governed by institutions, which specify the rules of the game.

Matching:

____C__Operation Barga 7._____Lorenz
__i____Pareto improvement 8. _____reservation option
______Power 9. _____procedural judgements
----------Substantive judgements 10. ____Pareto’s Law
______Pareto dominant 11. ____Economic rents
______MRS = MRT 12. ____institutions

a change that benefits at least one person without making another person worse off
a person’s next best alternative among all options in a particular transaction
Lessened the Gini coefficient in West Bengal, India.
The ability to do (and get) the things one wants in opposition to the intentions of others, ordinarily by imposing or threatening sanctions.
Concerns end states as a measure of fairness
Concerns how end states were arrived at
Name of a curve that is essential to determining the Gini coefficient
The tendency of the top 20% most wealthy to hold 80% of the total wealth
The result of a Pareto improvement
Economic activity that creates a surplus which is then distributed among the economic actors.
The point of optimality where the feasible frontier and indifference curve touch
Written and unwritten rules that govern what people do when people they interact in a joint project and the distribution of the products of their joint effort.

Expert Solution

10.True : Economic interactions are governed by institutions, which specify the rules of the game.

a. a change that benefits at least one person without making another person worse off = Pareto improvement

b. a person’s next best alternative among all options in a particular transaction = reservation option

c. Lessened the Gini coefficient in West Bengal, India. = Operation Barga

d.The ability to do (and get) the things one wants in opposition to the intentions of others, ordinarily by imposing or threatening sanctions. = Power

e.Concerns end states as a measure of fairness = Substantive judgements

f. Concerns how end states were arrived at = Procedural Judgements

g. Name of a curve that is essential to determining the Gini coefficient = Lorenz

h. The tendency of the top 20% most wealthy to hold 80% of the total wealth = Pareto’s Law

i.The result of a Pareto improvement = Pareto dominant

j. Economic activity that creates a surplus which is then distributed among the economic actors.= Economic rents

k.The point of optimality where the feasible frontier and indifference curve touch = MRS = MRT

l. Written and unwritten rules that govern what people do when people they interact in a joint project and the distribution of the products of their joint effort.= Instituions

Rahul Sunny answered 2 years ago

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