Economics can decide
a. the appropriate trade-off between fairness and efficiency.
b. which pricing arrangements are fair and which are unfair.
c. whether a pricing decision will impose heavy inefficiency costs on society.
d. All of the above are correct.
c
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The process of asset transformation refers to the conversion of
A) safer assets into risky assets. B) safer assets into safer liabilities. C) risky assets into safer assets. D) risky assets into risky liabilities.
Economics is the study of how people
a. vote for political leaders who decide what is to be produced b. make choices to produce and consume goods and services c. create social institutions that maximize economic well-being d. develop value systems that affect their consumption choices e. form customs and traditions that influence consumption
A pizza is
a. excludable and rival in consumption. b. excludable and nonrival in consumption. c. nonexcludable and rival in consumption. d. nonexcludable and nonrival in consumption.
Someone who studies the pricing policies of the Microsoft Corporation would be a microeconomist.
Answer the following statement true (T) or false (F)