According to the text, success requires:
A) there is no secret formula that guarantees success.
B) a visionary leader.
C) a focus on quality.
D) a customer-orientation.
E) an emphasis on efficiency.
A
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A typical society strives to get the most it can from its scarce resources. At the same time, the society attempts to distribute the benefits of those resources to the members of the society in a fair manner. In other words, the society faces a tradeoff between
a. guns and butter. b. efficiency and equality. c. inflation and unemployment. d. work and leisure.
The market demand curve for a product produced in a perfectly competitive industry is normally:
A. upward sloping. B. a vertical line. C. a horizontal line. D. downward sloping.
Which of the following measurement issues makes interpretation of U.S. poverty rates difficult?
A. Poverty statistics measure consumption rather than income, and some families may receive income that is above the official poverty line. B. The high cost of living in urban areas tends to result in the understatement of poverty. C. Most people below the poverty line have substantial unreported income. D. The poverty rate is adjusted for every urban and rural area, so people's poverty status changes whenever they move.
A single payer system in the United States would
A. likely fail because no other nations have tried it. B. increase availability of health care services to those who are currently uninsured. C. necessitate a tax cut. D. likely decrease the waiting time for certain procedures.