The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:
a. market economy. b. command economy
c. soviet economy. d. traditional economy.
a
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The beneficiaries of the minimum wage are confined to those in poverty
a. True b. False
Economists believe it is feasible and desirable to reduce environmental damage to zero.
Answer the following statement true (T) or false (F)
According to the theory of the invisible hand, if buyers and sellers are free to pursue their own self-interest, the result often will be:
A. an efficient allocation of resources. B. an equitable allocation of resources. C. the exploitation of productive resources. D. an incomplete allocation of resources.
If average total cost is declining, then:
A. marginal cost must be less than average total cost. B. marginal cost must be greater than average total cost. C. the average fixed cost curve must lie above the average variable cost curve. D. total cost must also be declining.