Explain what productive efficiency means. Describe how productive efficiency is represented by a PPF
An economy is producing efficiently if it is producing the maximum amount of output with a set amount of resources and technology. Efficiency is represented by all of the points that lie along the PPF.
Economics
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Human capital is:
A) the set of acquired skills and abilities that workers bring to the production of goods and services. B) the financial wealth the economy has available to produce goods and services. C) the ability to produce one of two goods at relatively lower cost. D) a factor of production only if it occurs naturally.
Economics
An increase in the unemployment rate which is accompanied by a decrease in the inflation rate is represented by a ________ the Phillips curve
A) movement down B) movement up C) upward shift of D) downward shift of
Economics