Both President Bush and President Obama wanted tax cuts to stimulate consumer spending during the 2007-2009 recession

An efficient allocation of resources exists if

a. one group of people can get more of the things they want without someone else having to give up anything. b. no one can get more of the things he wants without someone else having to give up something. c. the economy operates at any point under the production possibilities frontier. d. the economy is operating at any point above the production possibilities frontier.

Money costs and opportunity costs are concepts that are

a. not related in any meaningful way. b. used by tax accountants. c. related through relative prices of goods and services. d. used by economists to learn the most efficient level of output.