Resources are being used efficiently when:
A) they are also used equitably.
B) there are still gains from trade available.
C) scarcity is no longer an issue.
D) every opportunity to make people better off has been utilized.
D) every opportunity to make people better off has been utilized.
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________ on an indifference curve that is farther from the origin ________ on an indifference curve that is closer to the origin
A) Some combinations; are preferred to some combinations B) Any combination; is preferred to any combination C) Most combinations; are preferred to all combinations D) Combinations; are not as affordable as combinations
In the Fixed Effects regression model, you should exclude one of the binary variables for the entities when an intercept is present in the equation
A) because one of the entities is always excluded. B) because there are already too many coefficients to estimate. C) to allow for some changes between entities to take place. D) to avoid perfect multicollinearity.
Which statement is false?
A. The 1990s was one of the most prosperous decades in the United States' history. B. The United States' economy reached its tenth year of steady expansion in the spring of 2001. C. Compared to other decades, the 1990s was a decade was unique in that it had strong economic growth with no recessions. D. At the end of the 1990s, the government was running budget surpluses.
An incentive is
A) a reward or a penalty that encourages or discourages an action. B) when people make rational choices by comparing costs and benefits. C) what you must give up to get something. D) a choice is made on the margin. E) a good or service that satisfies wants.