What mechanism assures that producers use inputs efficiently?
A. Governmental regulations determining the allocation of resources
B. Altruism
C. The desire for profit
D. An innate desire to be efficient
E. All of the responses are correct.
Answer: C
You might also like to view...
When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. The price elasticity of demand for this product is
A. -67. B. -0.67. C. -0.15. D. -1.5.
If the CPI is 231.4 in one year and is 241.2 in the next year, then the inflation rate equals
A) (241.2 - 231.4 ) × 100. B) × 100. C) × 100. D) × 100. E) × 100.
Explain what economists mean when they characterize the income tax system as progressive
What will be an ideal response?
The natural unemployment rate is ________ unemployment rates
A) the sum of the turnover and cyclical B) the sum of the turnover and mismatch C) the sum of the structural and cyclical D) the sum of the structural, cyclical, and frictional E) the cyclical minus the mismatch