Economists argue that which allocation scheme leads to the most efficiency?

Economists argue that which allocation scheme leads to the most efficiency?
 A) market based.
  B) government based.
  C) random.
  D) first-come, first-serve.

QUESTION 2

Which of the following would not be an example of an oligopolistic industry?
 a. light bulbs
 b. convenience stores
  c. aircraft
 d. breweries

QUESTION 3

Which of the following is a problem encountered in a transaction involving a principal/agent relationship?
 a. Absence of monitoring and supervision
  b. Excessive dependence on forecasts and expectations
  c. High investment in industry specific assets
  d. Government interference and market volatility

QUESTION 4

What incentive is created by a first-come first-serve allocation scheme?
 A) To engage in rent-seeking.
  B) To have the most income.
  C) To be first.
  D) To be elected.

QUESTION 5

Which of the following industries most closely approximates the conditions of the oligopoly model?
 a. legal services
 b. retail clothing
 c. milk
 d. breakfast cereals