Chapter 7/Consumers, Producers, and the Efficiency of Markets F 211Chapter 7Consumers, Producers, and the Efficiency of MarketsMULTIPLE CHOICE1.Welfare economics is the study ofa.the well-being of less fortunate people.b.welfare programs in the United States.c.the effect of income redistribution on work effort.d.how the allocation of resources affects economic well-being.ANSWER: d.how the allocation of resources affects economic well-being.TYPE: M DIFFICULTY: 12.
