If a decision is made and it is the best choice for society, the decision is said to be
A) a valid economic choice.
B) made in self-interest.
C) made in social interest.
D) consist with scarcity.
E) a want-maximizing choice.
C
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Along any downward sloping straight-line demand curve:
A) both the price elasticity and slope vary. B) the price elasticity varies, but the slope is constant. C) the slope varies, but the price elasticity is constant. D) both the price elasticity and slope are constant.
Society as a whole faces opportunity costs because
a. there is not enough money to go around b. politicians are greedy c. workers shirk their responsibilities and management is unable to compensate for this d. resources are abundant e. resources are scarce
Consumer surplus is the net economic benefit to consumers who are able to buy a good at a price lower than the highest price they are willing to pay.
Answer the following statement true (T) or false (F)
An individual deposits $12,000 in a commercial bank. The bank is required to hold 10 percent of all deposits on reserve at the regional Federal Reserve Bank. The deposit increases the loan capacity of the bank by:
A. $9,600. B. $11,000. C. $6,000. D. $10,800.