The National Economy - The scope of macroeconomics
9 important questions on The National Economy - The scope of macroeconomics
What is a Pareto improvement?
What is the Pareto optimally?
In what way can the government not contribute to the Pareto optimally?
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What is allocative efficiency (simple formulation)?
When will private efficiency result in social efficiency? Name 2 circumstances.
When is the consumer surplus maximised?
Give the formula for calculating Total Producer Surplus (TPS)
What happens when the marginal utility (MU) goes up?
What are the 4 main objectives of macroeconomics?
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