Economist Milton Friedman argued that ethical behavior followed and practiced by organizations is the same as:
A. output maximization.
B. cost minimization.
C. wealth maximization.
D. sales minimization.
Answer: C
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One of the possible roles governments can play in sponsoring growth is to
A) close the nation to trade in order to protect its domestic producers. B) own more of the nation's resources in order to put them to use. C) limit the use of property rights in order to decrease the harm they create. D) make decisions for its citizens as to the most suitable job. E) provide tax incentives to encourage saving.
The expected effects of monetary expansion are
A. lower real interest rates. B. exchange rate depreciation. C. higher inflation. D. All of these responses are correct.
If the federal government began granting a subsidy of 10 cents per apple to apple growers and as a result the price of apples to consumers falls by 8 cents,
a. the actual benefit of this subsidy goes mostly to consumers. b. the actual benefit of this subsidy goes mostly to producers. c. the actual benefit of this subsidy would be shared equally by producers and consumers. d. nobody would benefit from the subsidy.
If a production possibilities frontier (PPF) is concave outward, it follows that
A) opportunity costs are constant between two goods. B) the opportunity cost (of producing the good on the horizontal axis) rises as more of the good is produced. C) the opportunity cost (of producing the good on the horizontal axis) falls as more of the good is produced. D) the opportunity cost (of producing the good on the horizontal axis) first rises and then falls as more of the good is produced. E) none of the above