If, in a given economy, production is taking place at a point inside the production possibility frontier:
a. resource allocation is technically and allocatively efficient.
b. resource allocation is technically efficient but allocatively inefficient.
c. resource allocation is technically inefficient and allocatively efficient.
d. resource allocation is technically and allocatively inefficient.
d
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All economic questions and problems arise from
A) turmoil in the stock market. B) the difference between self-interest and social interest. C) the fact that society has more than it needs. D) a society's wants exceeding what its scarce resources can produce. E) the unequal distribution of income.
The share of GDP taken by taxes is considerably higher in the United States than in other countries
a. True b. False Indicate whether the statement is true or false