An outcome is considered efficient if
A) it is not possible to make someone better off without making anyone else worse off.
B) it is the best available choice for an individual.
C) it results in fair shares for everyone involved.
D) it is possible to make someone better off without making anyone else worse off.
A
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Refer to Scenario 14.4. How much will the monopsonist pay each worker?
A) 0 B) 78 C) 83 D) 92 E) 100
The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is the
a. balance of income statement. b. balance of payments. c. balance of trade. d. trade deficit.
What best defines active policymaking?
A. taking action to make markets more competitive so as to improve efficiency B. taking action to increase long-term economic growth C. taking action to offset a change in economic performance D. taking action to make markets less competitive so as to improve equity
Refer to the above information. Which individual would be classified as a discouraged worker?
The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment. 1. Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month, but still has not gotten a job offer. 2. George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve. 3. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills. 4. Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year, but was unsuccessful and quit looking for work. A. Mollie B. George C. Jeanette D. Ricardo