Which of the following best describes the goal of economic efficiency?
(A) Making the most of resources.
(B) Achieving full employment.
(C) Assurance that goods and services will be available.
(D) Fair distribution of wealth.
Ans: (A) Making the most of resources.
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In the hard-landing scenario the ability of the Fed to respond
a. is unlimited b. is constrained because their inclination to raise interest rates would further compound the value of the dollar problem. c. is constrained because their inclination to lower interest rates would further compound the value of the dollar problem. d. limited because the resulting boom would run out of control. e. is constrained because their inclination to lower taxes would depress tax revenues.
The term market mechanism refers to
A. The use of market prices and sales to determine resource allocation. B. Supply curves but not demand curves. C. The establishment of a ceiling price in a market. D. Government laws and regulations concerning how the market should operate.