According to the theory of economic Darwinism, in the absence of barriers to entry, firms that survive in the long run are those that:
A. do not compete with other firms in the industry on quality.
B. provide productivity-based incentives to the employees.
C. follow the most ethical practices.
D. deliver products consumers want at the lowest cost.
Answer: D
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As people's incomes rise, they tend to purchase relatively less ________ and relatively more ________
A) durable goods; nondurable goods B) nondurable goods; services C) services; durable goods D) services; nondurable goods
The facts show that the political business cycle theory
A) does a good job of explaining monetary policy during presidential election years. B) is unable to explain monetary policy during presidential election years. C) doesn't generally support the political business cycle theory. D) explains monetary policy best during years in which the President is running for reelection.
Which of the following are true?
a. Economists use the criterion of economic efficiency to judge the merit of alternative outcomes. b. Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy. c. Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals. d. All of the above are true.
Given the production possibilities schedule in Table 0201A, a combination of 23 televisions and 6 personal computers A) is attainable but involves the unemployment of some of societies resources. B) clearly illustrates the trade—off between televisions and computers. C) cannot be produced by society, given its current level of resources and production technology. D) can be produced only if society is willing to have some of its resources used inefficiently.