An equilibrium in which scarce societal resources are allocated to the production of various goods and services up to the point where the cost of the resources equals the benefit society reaps form their use is:
a. productive efficiency.
b. allocative efficiency.
c. true efficiency.
d. product efficiency.
b
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Miriam makes an oral agreement with John to sell him 200 acres of prime farmland for a mere $500. Their agreement is:
A. enforceable only if promissory estoppel applies. B. covered by the statute of limitations. C. unenforceable as real estate contracts need to be in writing. D. enforceable and not voidable in accordance with the statute of frauds.
People can listen approximately twice as fast as they can talk.
Answer the following statement true (T) or false (F)
The manager with a ____________ is open to other cultures, and is eager to approach issues from multiple perspectives.
Fill in the blank(s) with the appropriate word(s).
An insurance policy must meet which of the following?
a. state statutory requirements for tort law b. federal statutory requirements for tort law c. common law requirements for contracts d. common law requirements for tort law