The First Theorem of Welfare Economics Requires

question 53

Multiple Choice

The first theorem of welfare economics requires:

• A)continuous budget lines.
• B)the presence of externalities in consumption.
• C)smooth and convex indifference curves.
• D)the presence of two consumers with unambiguous preferences.

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Definitions:

Asian Americans

Refers to Americans of Asian descent, including individuals from East Asia, Southeast Asia, and South Asia.

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People living in the United States who are of European descent or ancestry.

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A racial or ethnic group in the United States characterized by an ancestry from any of the black racial groups of Africa.

Social Inequality

Unequal chances and benefits are present for diverse social positions or statuses in a group or society.