An economic outcome is said to be efficient if the economy is
a. using all of the scarce resources it has available.
b. conserving on resources, rather than using all available resources.
c. getting all it can get from the scarce resources it has available.
d. able to produce more than what is currently being produced without additional resources.
c
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An example of a government policy to enhance technological progress is:
A. the provision of publicly-funded education. B. government support for basic research. C. the construction of an interstate highway system. D. maintaining a well-functioning legal system.
All economic questions arise from the fact that resources are unlimited
Indicate whether the statement is true or false
Roughly speaking, peak-load pricing makes users at peak times pay for capacity while users at off-peak times pay only for operating cost
Indicate whether the statement is true or false
Which of the following is not an inferior good?
a. navy beans b. black and white television c. cheap wine d. used textbook e. butter