Since 1305, of the following centuries the inflation rate has been the highest during the
A) 17th century.
B) 16th century.
C) 20th century.
D) 14th century.
E) 15th century.
C
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When a society achieves allocative efficiency, it
A) is not achieving production efficiency. B) is producing that combination of goods and services that society values most highly. C) might or it might not be producing at a point on society's PPF. D) is producing a combination of goods and services whose marginal cost exceeds their marginal benefit. E) is producing the combination of goods and services for which marginal benefit exceeds marginal cost by as much as possible.
In the national income accounts, government expenditure on goods and services refer to those purchases made by
A) federal and state governments only. B) the federal government only. C) state and local governments only. D) all levels of government.