When Acme Inc produces a certain amount of output by using the least amount of inputs, Acme Inc definitely
A) maximizes profits.
B) minimizes labor costs.
C) achieves technological efficiency.
D) achieves economic efficiency.
C
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The sum of the balances of the three accounts of the balance of payments (the current account, the capital and financial account, and the official settlements account) is
A) positive if there is a balance of trade surplus or negative if there is a balance of trade deficit. B) negative if there is a balance of trade surplus or positive if there is a balance of trade deficit. C) equal to zero. D) positive if there is a balance of trade surplus. E) negative if there is a balance of trade deficit.
The problem with the strategy of achieving credibility through reputation is that
A) reputations are rarely credible. B) reputations lack any commitment. C) serious costs may be incurred during the period in which reputation is established. D) rules always have a lower cost than reputations in maintaining credibility.
Which of the following is most likely an example of a free good?
A) Sand in aquarium B) Sand in the middle of a desert C) Sand in a children's sandbox D) Sand at the beach
Present consumption supported by large trade deficits may come at the expense of:
A. permanent debt to foreign interests. B. permanent foreign ownership of formerly U.S.-owned assets. C. large sacrifices of future consumption. D. all of these.