Which Tools Allow Economists to Determine If the Allocation of Resources

question 88

Multiple Choice

Which tools allow economists to determine if the allocation of resources determined by free markets is desirable?

• A)profits and costs to firms
• B)consumer and producer surplus
• C)the equilibrium price and quantity
• D)incomes of and prices paid by buyers

Know the taxation aspects of personal and business income, including deductions and allowable contributions.

Understand the basics of personal financial planning, including budgeting and managing income.

Identify the components and importance of a personal balance sheet.

Recognize the significance of savings ratio and how to calculate it.

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Definitions:

Holistic Care

An approach to healthcare that aims to treat the whole person, addressing physical, emotional, social, and spiritual needs, rather than just focusing on the symptoms of a disease.

Libido

In psychoanalytic theory, it represents the sexual energy or drive underlying human behavior.

Pancreas

An organ in the body involved in the regulation of blood sugar levels and digestion through the production of enzymes and hormones like insulin.

Primary-process Thought

A mode of thinking that is driven by the unconscious mind, where logic is not linear and reality is not strictly adhered to, often found in dreams and fantasies.