Economic decision making recognizes that
A) all choices have benefits and costs.
B) benefits are largely free while costs are not.
C) costs are controllable but benefits are not measurable.
D) prices do not reflect all information known to managers.
E) resources and wants are limited.
A
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What condition(s) must exist to make trade among nations mutually beneficial?
a. Nations must have the same opportunity costs of production. b. Nations must not impose tariffs or quotas. c. Nations must be equally efficient at producing a traded good. d. Nations must have an absolute advantage in the production of a good. e. Nations must have a comparative advantage in the production of a good.
An increase in the supply of money will lead to ____ in equilibrium real GDP and ____ in equilibrium price level.
A. an increase; an increase B. an increase; a decrease C. a decreases; an increase D. a decrease; a decrease
Which of the following is purchased in a product market?
A. The skills of an X-ray technician. B. Undeveloped farmland in Texas. C. Cell phone service. D. Crude oil.
Each of the following is a goal of the federal government except
A. fostering competition. B. price stability. C. low unemployment. D. expanding government ownership.