When goods and services are produced at the lowest possible cost, ________ occurs
A) efficient central planning B) equity
C) productive efficiency D) allocative efficiency
C
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Which is NOT an example of moral hazard
a. people eat more at all-you-can-eat buffets b. loggers clear-cut a tract of land rather than when paying per tree felled c. Drivers of heavier, safer cares are more likely to run stop signs d. workers paid an hourly wage work harder than those on commission
A country that has relatively large amounts of a particular resource at its disposal
a. will tend to have an absolute advantage b. will trade the resource for some good in which that country has an absolute advantage c. will tend to have a comparative advantage in goods that make heavy use of that resource d. will trade the resource for some good in which that country has a comparative advantage e. will tend to have a low exchange rate
Bubba is a shrimp fisherman who can catch 4,000 pounds of shrimp per year. Bubba is considering hiring his cousin Bobby to work for him. Bobby can catch 3,000 pounds of shrimp per year. If Bubba hires Bobby, what will be the total output of his shrimp business?
a. 7,000 pounds b. 3,500 pounds c. 3,000 pounds d. 1,000 pounds
The Federal Reserve can:
A. simultaneously set independent money supply and nominal interest rate targets. B. only target the money supply, not the nominal interest rate. C. only set a money supply target that is consistent with a nominal interest rate target, and vice versa. D. only target the nominal interest rate, not the money supply.