A Study Conducted at the University of Cincinnati Asking Residents

question 76

Multiple Choice

 A study conducted at the University of Cincinnati asking residents whether they favored passage of the Monetary Control Bill was notable in that 

• A) almost none of the respondents knew the stipulations of the bill. 
• B) almost all of the respondents were surprisingly well informed about the bill. 
• C) the Monetary Control Bill did not exist. 
• D) there was no difference of opinion between Republicans and Democrats. 
• E) None of these are correct.

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Definitions:

Pareto Optimal

A distribution state of resources where trying to improve the status of one individual inevitably leads to the decline of another's.

Competitive Equilibrium

A state in a market-based economy where supply equals demand, and prices are stable, facilitating the optimal distribution of resources.

Contract Curve

In an Edgeworth Box diagram, the curve that represents all the Pareto efficient allocations between two consumers.

Pareto Optimal

A situation of distribution where improving the condition of any individual necessitates the detriment of at least another individual.