Which of the Following Best Describes Transparency

question 10

Multiple Choice

Which of the following best describes transparency?

• A) It is the making of a decision by general agreement and in the absence of any voiced objection.
• B) It is the relinquishment of an obligation owed by another.
• C) It is a principle whereby a treaty may be invoked by a private person to challenge the actions of a state that is a party to the treaty.
• D) It is a principle which states that governments must make their rules, regulations, and practices open and accessible to the public and other governments.

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Definitions:

Perfectly Competitive

A market structure characterized by many buyers and sellers, identical products, and free entry and exit, leading to price determination by supply and demand.

Market Price

The ongoing value for buying or selling a product or service in the free market.

Shut Down

A short-term decision by a firm to cease production when marginal revenue does not cover variable costs, differing from going out of business, which is a long-term decision.

Total Revenues

The entire sum of money earned from selling goods or services prior to deducting any costs.