Economic efficiency is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which
A) the sum of the benefits to firms is equal to the sum of the benefits to consumers.
B) the sum of consumer surplus and producer surplus is minimized.
C) economic surplus is minimized.
D) the sum of consumer surplus and producer surplus is at a maximum.
D
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Activities that encourage faster growth are
A) high levels of consumption and low levels of savings. B) high levels of saving and investment in human capital. C) imposing trade barriers to limit international trade and thereby protect national industries. D) limiting property rights so that everyone can use any invention. E) taxes on saving that serve to encourage more spending and less saving.
What is a recession?
What will be an ideal response?
When the markets of an economy are more competitive, economic growth
a. is harmed by the resulting low rates of profit for industry. b. is enhanced because producers have a stronger incentive to provide goods efficiently. c. will be slower because prices do not rise as rapidly. d. is unaffected.
Involuntary transfers are the type of transfers used in the case against government
Indicate whether the statement is true or false