Which of the following are true?
a. Economists use the criterion of economic efficiency to judge the merit of alternative outcomes.
b. Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy.
c. Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals.
d. All of the above are true.
D
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Suppose you withdraw $500 from your checking account deposit and bury it in a jar in your back yard. If the required reserve ratio is 10 percent, checking account deposits in the banking system as a whole could drop up to a maximum of
A) $0. B) $50. C) $500. D) $5,000.
Which of the following statements regarding a price-taking firm is correct?
A) Demand = average revenue > marginal revenue. B) Demand = marginal revenue > average revenue. C) Demand = price = average revenue = marginal revenue. D) Demand = price > average revenue > marginal revenue.
In the long run, a reduction in labor supply would cause output to ________ and the aggregate price level to ________
A) fall; rise B) fall; fall C) rise; fall D) rise; rise
Any point on or outside the PPF is attainable
a. True b. False Indicate whether the statement is true or false