Explain what is meant by allocative efficiency
What will be an ideal response?
Allocative efficiency means producing the goods and services that people most want at the lowest possible cost.
Economics
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As a result of the rightward shift in the demand curve for labor from LD0 to LD1, the equilibrium level of employment ________ and potential GDP ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Economics
The financial innovation of numerical credit scoring contributed to the ________
A) "democratization of credit" B) reduction of loan-to-value ratios C) "depersonalization of credit" D) reduction of information asymmetries
Economics