One typical way that economists define efficiency is when it is possible to improve the situation of one party without imposing a cost on another.

Select whether the statement is true or false.
A. True
B. False

B. False
This statement is false. One typical way that economists define efficiency is when it is impossible to improve the situation of one party without imposing a cost on another.

Economics

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Marginal costs rise if marginal product falls

Indicate whether the statement is true or false

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Economics

Compared to China, the U.S. rate of savings is _____ and our rate of capital formation is _____.

A. lower; lower B. higher; higher C. lower; higher D. higher; lower

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Economics