An economy is judged efficient if
A. it is good at producing what people want.
B. it produces things that people may not want but in the least wasteful way.
C. produces whatever people want in a way that may not be the least wasteful.
D. it is a free-market economy and not a command market.
Answer: A
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The increase in spending that occurs because the real value of money increases when the price level falls is known as the
A) price effect. B) wealth effect. C) interest rate effect. D) international trade effect.
Although Jack and Vanessa were equally qualified, Jack was promoted to manager instead of Vanessa because the president of the company thought that the other employees would not respect a female manager
The resource, the management position, was allocated in what manner? A) sharing equally B) contest C) personal characteristics D) command E) lottery
What is the difference between positive and normative statements?
What will be an ideal response?
A price support system:
a. establishes a price floor for a farm product b. results in a surplus c. is costly to taxpayers and consumers d. all of the above