The table above shows the production possibilities for an economy. When the economy produces a combination of 900 books and 50 loaves of bread,
A) production efficiency occurs because resources are not overused.
B) allocative efficiency is achieved because both goods are produced.
C) production efficiency is not achieved.
D) allocative and production efficiency are both achieved.
E) production efficiency is not achieved but allocative efficiency might be achieved.
C
Economics
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Which is the largest category of income in the United States?
A) self-employment income B) corporate profits C) employee compensation D) net interest income E) none of the above
Economics
A microeconomist would most likely study the effect of a reduction in income tax rates on: a. total output in the economy
b. the output of the steel industry. c. inflation. d. unemployment.
Economics