With productive efficiency:
a. There is production of that particular mix of goods and services most wanted by society
b. The available supplies of factors of production are variable in quantity and quality
c. There is production of any particular mix of goods and services in the least costly way
d. The state of technology, or methods used to produce output, constantly change
Answer: c. There is production of any particular mix of goods and services in the least costly way
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What potential conflict exists between attracting foreign capital and policies aimed at economic recovery?
What will be an ideal response?
Normative economic analysis involves
A) true statements of facts only. B) testable hypotheses by scientists. C) value judgments and opinions. D) purely descriptive statements.