Social welfare criterion include which of the following? select all answers
20 points
Bentham's criterion
Kaldor-Hicks compensation criterions
Cardinalist criterion
Bergson criterion
Which social welfare criterion suggest that social welfare improve if two individuals are better-off while the third is worse-off after the change has taken place, but the sum of the increases in utilities of A and B is greater than the decrease in the utility of C.
10 points
Bentham's criteriion
Kaldor-Hicks compensation criterion
Cardinalist criterion
Bergson criterion
Which social welfare criterion states that a change constitutes an improvement in social welfare if those who benefit from it could compensate those who are hurt, and still be left with some 'net gain'
10 points
Bentham's criterion
Kaldor-Hicks compensation criterion
Cardinalist criterion
Bergson criterion
Which social welfare criterion states that social welfare would be maximised if income was equally distributed to all members of the society.
10 points
Bentham's criterion
Kaldor-Hicks criterion
Cardinalist criterion
Bergson criterion
Which social welfare criterion states that social welfare would be maximised if we move from a lower social welfare function to a higher social welfare function
10 points
Bentham's criterion
Kaldor-Hicks criterion
Cardinalist criterion
Bergson criterion
... is the exchange of goods for the services of factors of production: firms produce and offer final goods to the household sector, and consumers offer to firms the services of factors which they own.
10 points
monetary flow
real flow
goods and services flow
goods flow
.... is the real flow expressed in monetary terms. That is the expenditures of firms become the money incomes of the households. Similarly, the expenditures of households become the receipts of firms, which they once again pay the households for the factor services which they supply
10 points
monetary terms
real flow
monetary flow
factor service flow
.... exists if each market is cleared at a positive price, with each consumer maximising satisfaction and each firm maximising profit.
20 points
A general equilibrium
A partial equilibrium
A market equilibrium
Equilibrium
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