Economic efficiency occurs when the firm produces a given output
A) by using the least amount of inputs.
B) by using the maximum amount of inputs.
C) at the least cost.
D) at the greatest cost.
C
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The following table shows values of annual real GDP per capita over time. Use it to answer the next question.1810$1,5001860$2,1001910$3,9001960$18,0002010$43,600What was the rate of growth in real GDP per capita between 1810 and 2010?
A. 2,807% B. 2,907% C. $43,600 D. $42,100
An outcome is considered efficient if
A) it is not possible to make someone better off without making anyone else worse off. B) it is the best available choice for an individual. C) it results in fair shares for everyone involved. D) it is possible to make someone better off without making anyone else worse off.
Markets
A) facilitate trade. B) allow traders to enjoy gains from trade. C) coordinate price information between buyers and sellers. D) All of the above answers are correct.
Other things equal, the interest rate on a loan will be smaller:
A. The greater the risk involved B. The smaller the amount of the loan C. The longer the length of the loan D. If the loan interest is exempt from taxation