With productive efficiency:
a. There is production of that particular mix of goods and services most wanted by society
b. The available supplies of factors of production are variable in quantity and quality
c. There is production of any particular mix of goods and services in the least costly way
d. The state of technology, or methods used to produce output, constantly change
c. There is production of any particular mix of goods and services in the least costly way
You might also like to view...
A bank run involves
A) a failure by a bank to get the maximum return on its investments. B) large numbers of depositors withdrawing their deposits within a short period of time. C) a bank being forced out of business. D) fraud on the part of a bank's managers.
The OASDI trust fund is projected to sink below zero in ¬¬_____
a. 2012 b. 2021 c. 2033 d. 2045
The production possibilities frontier has a tendency to bow outward from the origin
a. True b. False Indicate whether the statement is true or false
Collective decision making
What will be an ideal response?