Which of the following is not one of the three fundamental concepts of economics?
A. opportunity cost
B. marginalism
C. the working of efficient markets
D. profit maximization
Answer: D
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Refer to the scenario above. Which of the following is likely to happen if Elly is known to be vengeful?
A) Neither of them will make money. B) Only Elly will make money. C) Only Elly's employee will make money. D) Both Elly and her employee will earn money.
A legal organization of a firm where the business is owned by one individual who makes the business decisions, receives all the profits, and is legally responsible for the debts of the firm is a(n)
A) corporation. B) entrepreneur. C) proprietorship. D) partnership.
According to Keynes, in order to get the economy out of a recession, the government should: a. follow an expansionary fiscal policy
b. encourage firms to export to other nations. c. follow an contractionary fiscal policy. d. follow a contractionary monetary policy. e. not interfere in the market and let the market system heal itself.
A depression is a:
A. severe and extended period of recession. B. recession that lasts more than four quarters. C. recession that lasts more than three quarters. D. recession that lasts more than eight quarters.