The use of resources in the most productive way possible to produce the goods and services that have the greatest total economic value to society is called:
A. innovation.
B. efficiency.
C. sustainability.
D. economic quantity.
B. efficiency.
You might also like to view...
A balance of payments crises under fixed exchange rates occurs when
A) a country runs out of foreign reserves. B) a country is in a liquidity trap. C) exports and imports expand beyond some point. D) marginal returns on foreign exchange investments approach zero. E) forward currency markets undergo high volatility.
A tax imposed on imported goods is
A. A tariff. B. An embargo. C. An example of fiscal policy. D. A quota.
Randomized controlled trials cannot:
A. provide strong support that a program proven effective in one place can be duplicated in another or that its effectiveness would be maintained over time. B. evaluate the impact of all programs or policies on development. C. help explain why a particular program succeeded. D. All of these statements are true.
The transactions demand for money exists because households
A. do not receive their incomes at the same time they wish to make purchases. B. do not like the fact that money is a liquid asset. C. must save for unexpected emergencies. D. are insensitive to interest rate changes.