Trade-offs are:
A. associated with every decision.
B. always result in market-failure.
C. do not exist if we receive something for free.
D. can be avoided through economic planning.
Answer: A
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The objective of risk management is to
a. determine the level of risk that is “acceptable” to society b. evaluate and select the best policy approach to achieve the “acceptable” level of risk c. evaluate and select the policy initiative to achieve any level of risk d. (a) and (b) only e. (a) and (c) only
Which of the following defines marginal utility?
A. the total satisfaction or happiness received from the consumption of a good, service, or combination of goods and services B. the additional satisfaction or happiness received from the consumption of an additional unit of a good or service C. the maximum amount of satisfaction or happiness derived from consuming a product D. the change in total utility divided by the price of a product
"The short-run Phillips curve is vertical at the natural unemployment rate." Is the previous statement correct or incorrect?
What will be an ideal response?
The debit side of the current account includes the imports of
a. goods only b. goods and services c. services only d. services and resources only e. financial assets