If an economy is efficient:
a. resources are still available to produce specific consumer goods that are more desirable.
b. prices are the lowest they can possibly be.
c. all goods are produced at their maximum price and quality.
d. all opportunities to make people better off without making other people worse off have been exploited.
Answer: d. all opportunities to make people better off without making other people worse off have been exploited.
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It is easy to sign contracts for gym membership, but if one rarely goes to the gym a gap exists between _______ and behavior
a. Resources b. Values (hope) c. Attitudes d. Ethics
If Good Smells, a perfume manufacturer, sells its home fragrance line, this is an example of ________.
A) divestiture B) forward integration C) backward integration D) outsourcing
A way to summarize the actions and payoffs of a sequential game is to use a:
A. decision matrix. B. decision tree. C. payoff tree. D. flowchart.
The vicious circle of poverty refers to a condition where
a. people are poor because they cannot invest in capital goods and they cannot invest in capital goods because they are poor b. people who borrow money at high interest rates can never get out from under the indebtedness created c. people invest in unprofitable projects and keep pouring loanable funds into those projects in the hope of salvaging them d. people prefer consumption goods to capital goods so there are insufficient capital goods to propel the economy out of poverty e. poverty is relative and poor people remain poor because the wealthy grow wealthier