Allocative efficiency is concerned with:
A. producing the combination of goods most desired by society.
B. achieving the full employment of all available resources.
C. producing every good with the least-cost combination of inputs.
D. reducing the concavity of the production possibilities curve.
Answer: A
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Given the values in the table above, equilibrium output Y = ________ when the real interest rate r = 4
A) 26.6 B) 0.65 C) 14.6 D) 5.65 E) none of the above
An externality is_____
a. an unintended by-product of market exchange that is allocated outside the market system b. an intended by-product of market exchange that is allocated outside the market system c. an unintended by-product of market exchange that is allocated within the market system d. an intended by-product of market exchange that is allocated within the market system