An efficient economy is one that
What will be an ideal response?
Answer: uses its resources to make the most goods and services.
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Money as a medium of exchange
I. facilitates the exchange of goods. II. reduces or eliminates the need for barter. A) I only B) II only C) both I and II D) neither I nor II
Identify the market structure characterized by many small firms selling somewhat different products
a. Monopoly b. Monopolistic competition c. Perfect competition d. Duopoly
Suppose that there are two employers in Tinytown. CareCo offers a generous health insurance package to all employees, while ApathyInc pays slightly higher wages than CareCo, but does not offer health insurance. All else equal, a person who is unhealthy and expects to have high healthcare costs will:
A. stop going to the doctor. B. prefer to work for ApathyInc. C. be equally happy working for either firm. D. prefer to work for CareCo.
The performance-evaluation system under which an employee enumerates his/her accomplishments, points out strengths, and discusses weaknesses with the higher management is commonly referred to as:
A. reneging. B. self-evaluation. C. productivity evaluation. D. output evaluation.