Multiple Choice
Economic efficiency for the entire economy requires that :
A) potential gains to anyone necessitate losses to another
B) all goods be produced at their lowest possible opportunity costs
C) maximum-valued output is obtained from given resource
D) all of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Which of the following is an example
Q2: Inductive method which also called empirical method
Q3: Knowledge used to combine resources productively is
Q5: Scientific attempts to describe economic relationships are
Q6: The method consistsin deriving conclusionsfrom general truths,
Q7: Who defined economics as: a science which
Q8: Theories are:<br>A)much more complicated than common sense<br>B)scientific
Q9: Milton Friedman restated the :<br>A)labour theory<br>B)profit theory<br>C)quantity
Q10: If the value of a variable varies
Q11: Adam Smith, the father of modern economic