Efficiency is achieved
A. when consumers are able to buy everything that they want.
B. when producers are getting the maximum possible output from the available resources.
C. when prices of all goods and services go to zero.
D. when output is being produced at a point inside a production possibilities curve.
Answer: B
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Most ________ is embodied in physical capital
A) human capital B) technological change C) labor productivity D) economic growth
Refer to Figure 16-8. In the graph above, suppose the economy in Year 1 is at point A and is expected in Year 2 to be at point B. Which of the following policies could Congress and the president use to move the economy to point C?
A) decrease government purchases B) increase income taxes C) sell Treasury bills D) increase government purchases
Which of the following is NOT a type of demand for holding money?
A. transactions demand B. asset demand C. precautionary demand D. qualitative demand
Refer to the table above. Assuming that the market consists of only these three sellers, what is the market supply when the price is $2?
A) 39 units B) 52 units C) 89 units D) 41 units