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
Answer: c. There is production of any particular mix of goods and services in the least costly way
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List and discuss the four economic functions that depository institutions provide their customers
What will be an ideal response?
Changes in domestic and foreign income result in:
A) movements along the demand and supply curves of the foreign exchange market. B) shifts in the demand and supply curves of the foreign exchange market. C) all of the above. D) none of the above.
If the government wants to raise tax revenue and shift most of the tax burden to the consumers, it would impose a tax on a good with a:
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.
The price elasticity of demand for a good is relatively elastic if:
A. there are a large number of substitutes. B. the consumer has more time to make decisions about purchasing the good. C. the good is less of a necessity. D. All of these