If an Economy Is Efficient

question 105

Multiple Choice

If an economy is efficient:

• A)all goods are produced at their maximum quantity.
• B)all opportunities to make people better off without making other people worse off have been taken.
• C)more resources have been used to produce specific consumer goods than producer goods.
• D)prices are the lowest they can possibly be.

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Definitions:

P-value

A statistical concept indicating the probability of observing data as extreme as those seen, if the null hypothesis were true, used in hypothesis testing.

Maximum Oxygen Uptake

The highest amount of oxygen an individual can utilize during intense or maximal exercise, indicating aerobic endurance capacity.

Normal Distribution

A bell-shaped curve, which is symmetric about the mean, depicting the distribution of many types of data.

Standard Deviation

A statistical measurement of variance or dispersion within a dataset, indicating how spread out the numbers are from the mean.