Productive efficiency means that goods and services are being produced by society in the least costly way.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Supply and demand provides the basic explanatory framework for constructing both microeconomic and macroeconomic models
a. True b. False Indicate whether the statement is true or false
A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuse to buy a product at a price less than his willingness to pay
a. True b. False Indicate whether the statement is true or false
The net national savings rate for the United States, compared with that of other industrial nations is
A. much higher. B. a little higher. C. lower.
A private good is a good that:
A. is consumed by a single person or household. B. cannot be used by private citizens. C. cannot result in external benefits or costs to those who don't consume. D. is available for everyone to consume, regardless of who pays.