Because of our limited money, time, and effort, we are best off when we allocate those things:
a. by choosing what society as a whole would want.
b. with the objective of maximizing opportunity costs.
c. by constantly assessing the opportunity costs of our choices.
d. none of the above
Answer: c. by constantly assessing the opportunity costs of our choices.
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Some of Body Shop's recent advertising has emphasized the difference between the company's principles and those of "mainstream" cosmetics companies on such issues as animal testing. As described here, Body Shop's ads illustrate positioning by:
A) competition. B) niche. C) quality/price. D) attribute/benefit. E) culture.
Which of the following is true of the World Trade Organization (WTO)?
A) It was replaced by the GATT in 1995. B) It increases tariffs and other international trade barriers. C) It lacks the power to impose international trade sanctions. D) It restricts the maximum number of member nations to 100. E) It mediates global trade disputes.