Q Question 1 In the closed economy one-period model, points on the production possibilities frontier have the property that they (2%) Question 2 A competitive equilibrium may fail to be Pareto optimal due to all of the following except (2%) Question 3 If, with proportional taxes on labour income, there is an equilibrium with a high tax rate, and an equilibrium with a low tax rate, (2%) Question 4 An increase in second-period income results in (2%) Question 5 In the two-period model with asymmetric information, the presence of bad borrowers who always default (2%)

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