Refer to the above figure. Point c is
A. unobtainable.
B. where economists always want a nation or company to achieve.
C. efficient.
D. inefficient but obtainable.
Answer: A
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Choice architecture is the:
A. organization of the context and process in which people make decisions. B. choices that force utility-maximizing decisions for individuals. C. political framework under which policy is made. D. the internal mental framework people use in order to make all their decisions.
Under a flexible exchange rate system, a decrease in the value of a domestic currency in terms of foreign currencies is referred to as
A) an appreciation. B) a depreciation. C) a devaluation. D) a revaluation.
Economic rent is broadly defined as
A. a payment received by a landowner. B. a payment for the use of any resource that has a fixed supply. C. the dividend return on a share of stock. D. the return to owners of farmland.
A U.S. tariff on oil would reduce the domestic quantity of oil demanded.
Answer the following statement true (T) or false (F)