A freely functioning market
A. maximizes freedom of choice.
B. cannot be made more efficient with government intervention.
C. will fairly reward talent and punish the lazy.
D. will always be efficient.
Answer: A
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The United States
A. has sometimes attained productive efficiency. B. usually attains productive efficiency. C. never attained productive efficiency.
Total revenue cannot be derived from the demand curve or a demand schedule.
Answer the following statement true (T) or false (F)
The exchange rate is the:
A. value of one currency expressed in terms of another currency. B. reciprocal of the currency's real value. C. value of one currency expressed in terms of the goods and services it can buy. D. value of currency adjusted for inflation.
Two goods that are used in place of each other. when price of a subsitute good rises, the quantity demanded falls and the demand for the related good goes up
What will be an ideal response?