Which of the following best defines productive efficiency?
a. Producing without waste
b. Producing what society prefers
c. Selling goods at the lowest cost
d. Competing with identical goods
a. Producing without waste
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When government outlays are less than tax revenues, the government has
A) a budget with a negative debt. B) a budget deficit. C) a budget with a positive balance. D) an illegal budget because outlays must exceed tax revenues. E) a budget surplus.
Because it is small relative to the market, a perfectly competitive firm faces an inelastic demand curve for its output
a. True b. False
In the contemporary United States, labor productivity has been growing at approximately
a. 1.5 percent per year b. 2.0 percent per year. c. 2.6 percent per year. d. 3.9 percent per year.
Suppose in some country that the first $5,000 of interest income is exempt from income tax. If the government then removed this exemption
a. the interest rate and investment would rise. b. the interest rate would rise and investment would fall. c. the interest rate would fall and investment would rise. d. the interest rate and investment would fall.