What is an optimal decision?
An optimal decision is one that best serves the objectives of the decision maker, whatever those objectives may be. It is selected by explicit or implicit comparison with the possible alternative choices. The term optimal connotes neither approval nor disapproval of the objective itself.
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Economic growth can be depicted as
A) an outward shift on the production possibilities curve. B) a movement up on the production possibilities curve. C) a movement down on the production possibilities curve. D) an inward shift on the production possibilities curve.
Investment is defined as
A) the purchase of a stock or bond. B) the purchase of new capital goods by firms. C) spending on capital goods by governments. D) what consumers do with their savings. E) financial capital.
Refer the above figure. Stage "1" of the economy is called
A) the top. B) the peak. C) the trend. D) the climax.
If the U.S. dollar appreciates relative to the British pound, then we pay fewer dollars for a pound
a. True b. False Indicate whether the statement is true or false