What does efficiency mean?
a) Society is conserving resources in order to save them for the future
b) Society's goods and services are distributed fairly among society's members
c) Society has lessened its dependence on foreign energy sources
d) Society is getting the most it can from its scarce resources
Ans: d) Society is getting the most it can from its scarce resources
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Which geographic coincidence affected gasoline prices the most during 2005?
A. A tsunami hit the one area in the world most responsible for producing U.S. gasoline, Indonesia. B. Two major hurricanes affected the refining intensive areas of New Orleans and Houston. C. An earthquake happened to hit the energy-sensitive areas in and around Iran. D. There were tornado related electrical outages in the industrial Midwest.
The Constitution helped establish a secure and well-defined system of property rights and rights of persons because it did which of the following?
(a) It established that people could be deprived of property without due process of law. (b) It loosely defined which contracts would be enforced. (c) It permitted bankruptcy without just cause and required government stamp of approval. (d) It let market forces, not government, set prices on the sale of land among private citizens.
An employer faces a minimum wage control where it cannot pay its workers any less than $10.25 an hour. The employer knows that the workers value the jobs and are willing to work even at much less. The employer decides to offer them the minimum wage but forces them to buy their uniforms from the employer. This is an example of
a. Tying b. Bundling c. Exclusion d. Fraud
The difference between a positive economic statement and a normative statement is that
a. a positive statement must be true; a normative statement is often not true b. a normative statement must be true; a positive statement is often not true c. a positive statement can be verified; a normative statement cannot d. a normative statements can be verified; a positive statement cannot e. a positive economic statement is a moral judgment; a normative economic statement is not a moral judgment