Which of the Following Are True

question 153

Multiple Choice

Which of the following are true?

• A) Economists use the criterion of economic efficiency to judge the merit of alternative outcomes.
• B) Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy.
• C) Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals.
• D) All of the above are true.

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Definitions:

Unregistered Partnership

A business partnership that has not been formally registered with state or local authorities, often affecting its legal rights and liabilities.

Contributory Negligence

A legal principle where the plaintiff's own negligence plays a role in the harm suffered, potentially reducing the compensation they can receive.

Statement of Defence

A formal document filed by the defendant in a lawsuit detailing their defenses or objections to the claims made in the statement of claim.

General Partner

In a partnership, a member who has unlimited liability for the debts of the business and takes part in its management.