Efficiency occurs when
A. the economy has a fair and just distribution of income.
B. the economy is producing what people want at least possible cost.
C. unemployment is low and prices are stable.
D. all markets are in equilibrium.
Answer: B
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Refer to the graph below for a monopoly. Assuming this were a perfectly competitive market, then the price and quality would be shown at the point of intersection between the
a. MC and AR curves.
b. MC and MR curves.
c. ATC and AR curves.
d. MC and ATC curves.
The Keynesian approach, with its focus on aggregate demand and sticky prices, has proven useful in understanding how the economy fluctuates in the short run and why recessions and
a. natural unemployment occur. b. cyclical unemployment occur. c. structural unemployment occur. d. full unemployment occur.
According to _______________, if you suddenly won the lottery, you would only spend a small part of your winnings right away.
A. John Kenneth Galbraith B. Thorstein Veblen C. Milton Friedman D. Murray Weidenbaum
A key to understanding the difference between TQM and reengineering is TQM's emphasis on:
A. the reorganization of inventory control. B. outsourcing. C. continuous improvement. D. one-time reengineering of production processes.