D. most decisions do not involve sacrifices or trade-offs
A. there are always trade-offs between economic goals.
B. all production involves the use of scarce resources and thus the sacrifice of alternative
goods.
C. marginal analysis is used in economic reasoning.
D. choices need not be made if behavior is rational.
Answer: B
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Which of the following statements can used to describe efficiency?
I. Efficiently using resources means that producers make the highest profits possible. II. Using resources efficiently means that we cannot produce more of one good without producing less of another good that has a higher value. III. Resource use is efficient when we produce goods and services that people value most highly. A) I only B) I and II C) II and III D) I, II and III
In the real world, countries use a mixture of the three basic types of economic systems
a. True b. False Indicate whether the statement is true or false