Efficiency means that
a. society is conserving resources in order to save them for the future.
b. society's goods and services are distributed equally among society's members.
c. society's goods and services are distributed fairly, though not necessarily equally, among society's members.
d. society is getting the maximum benefits from its scarce resources.
d
You might also like to view...
The prisoners' dilemma is
A) an example of a duopoly game. B) a theory about why firms break the law. C) competition that can occur among firms in monopolistic competition. D) an example of the monopolist charging high prices. E) an example of a game that does not have a Nash equilibrium.
Refer to the table above. What is the total revenue when the monopolist charges a price of $6?
A) $1,550 B) $1,800 C) $2,150 D) $3,200
Assume the United States and Australia have the same amount of resources. In a given time period, the United States can produce 2 tons of beef or 200,000 cars. Australia can produce 1 ton of beef or 100,000 cars. This means that
A. Australia has an absolute advantage in both beef and cars. B. The United States has a comparative advantage in beef. C. The United States has an absolute advantage in both beef and cars. D. Australia has a comparative advantage in cars.
The income-expenditure multiplier leads to greater than one-for-one changes in output when autonomous spending changes because:
A. autonomous spending supports more output than induced spending. B. multiple deposits are generated when new reserves are produced through fractional reserve banking. C. planned changes in inventories signal producers to adjust the level of output. D. the direct changes in spending change the income of producers which leads to additional changes in spending.