Making Choices That Are Expected to Achieve the Highest Possible

question 85

Multiple Choice

Making choices that are expected to achieve the highest possible value for some objective is termed:

• A) maximizing.
• B) minimizing.
• C) sanitizing.
• D) satisfying.

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Definitions:

Demand for Labor

the quantity of workers that employers are willing and able to hire at a given wage rate in a given time period.

Supply of Labor

The total hours that workers are willing and able to work at a given wage rate, over a certain time frame.

Supply of Capital

The total resources, financial and otherwise, available for investment in production.

Dual Labor Market

describes an economy divided into two segments: a primary sector with secure, well-paid jobs, and a secondary sector with insecure, poorly paid jobs.