What is the efficiency factor?
Please provide the best answer for the statement.
This factor means resources are used in the least costly way (productive efficiency) and are used to produce the mix of products most wanted by society (allocation efficiency).
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Suppose that Australia has fully employed all of its resources. This situation means that Australia
A) is experiencing zero unemployment. B) has a positive Lucas Wedge. C) has a negative Okun Ga D) is operating at its potential GDP
If a substitute good is easy to find, then demand for a good is
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic. E) Substitutes don't have any effect on elasticity.
Between 1981 and 2013, deaths from cancer have increased in the United States
Indicate whether the statement is true or false
Refer to Table 2-12. What is Guatemala's opportunity cost of producing one canoe?
A) 1/6 of a sailboat B) 2/3 of a sailboat C) 6 sailboats D) 7.5 sailboats