Multiple Choice
When an economy is operating with maximum efficiency, the production of more of commodity A will entail the production of less of commodity B because
A) resources are specialized and cannot be easily reallocated.
B) resources are limited.
C) the structure of demand is fixed at any point in time.
D) material wants are insatiable.
Correct Answer:
Verified
Correct Answer:
Verified
Q28: When an economy operates efficiently,<br>A)the MRPs of
Q29: To be efficient, outputs should be produced
Q30: Under a pure system of laissez-faire, the
Q31: Input-output analysis is a technique used to
Q32: Mutually beneficial trade is impossible when different
Q34: Laissez-faire is a policy that espouses central
Q35: What is the order in which an
Q36: The price system automatically leads to an
Q37: Differentiate between consumer's surplus and producer's surplus.For
Q38: Figure 11-2<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8592/.jpg" alt="Figure 11-2