Economists assume maximizing efficiency over other goals:
A. may not bring about the best outcome for society.
B. is a guiding principle of policy-making.
C. is always the best approach.
D. should never be followed.
Answer: A
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Giving the store clerk a $20 bill for a sweater priced at $20 is an example of money serving as a
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred value.
Any form of wealth held by a sole proprietor will be factored into the terms of the loans she receives because:
a. her liability is limited. b. her business is inseparable from her. c. her business is too small to bear investment risks. d. her investment decisions depend on her total output.
Explain how the short-run industry supply curve for a perfectly competitive market is derived
The economy's current rate of interest is 10 percent and a firm has $10,000 of owner-invested capital. Its total revenue is $5,000 and the firm's explicit costs are $3,000. From this we know that this firm's
A) accounting profit is $500. B) economic profit is $2,000. C) accounting profit is $12,000. D) economic profit is $1,000.