Efficiency can correctly be defined as
A) producing outside the production possibilities boundary.
B) maximizing opportunity cost.
C) producing the most output with given technology and resources.
D) providing for the immediate needs of the greatest proportion of the population.
Answer: C
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Suppose we are considering the milk market and we have two sets of values, as shown by the numbers in parentheses, which represent two points on a line: (59 billion quarts; $4) and (78 billion quarts; $6). This line is most likely a
A. production possibilities frontier for milk. B. supply curve for milk. C. demand curve for milk. D. ray through the origin. E. time series line.
In 2015, Smileytown consumed 50,000 tubes of toothpaste. In 2016, toothpaste consumption rose to 62,000 tubes. Calculate the percentage change in toothpaste consumption
A) 12% B) 16.42% C) 19.35% D) 24%
Personal consumption expenditures are the largest component of GDP
a. True b. False Indicate whether the statement is true or false
One of the possible reasons for high sales and steady profit margins of General Motors, Ford, and Chrysler during 1950s and 1960s were aggressive pricing and design innovations
Indicate whether the statement is true or false