To say individuals seek an "economically efficient" course of action is another way of saying they
A) waste precious resources.
B) are not concerned about the wellbeing of anybody else.
C) economize.
D) measure everything according to the bottom line: money.
C
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Which of the following could not bar entry into an industry?
a. economies of scale b. diseconomies of scale c. patents d. licenses e. one firm's control of essential resources
The Federal Reserve System has 12:
A. regional banks. B. members on its Board of Governors. C. member banks. D. basic functions.
A surplus exists in a market if a. there is an excess demand for the good
b. quantity demanded exceeds quantity supplied. c. the current price is above its equilibrium price. d. All of the above are correct.
A country has a population of 5 million. The labor force is 3.5 million, and the number of people not working but actively looking is 140,000. What is the unemployment rate?
a. 70% b. 140,000 c. 4% d. 2.8%