If Available Resources Are Being Used Efficiently

question 32

Multiple Choice

If available resources are being used efficiently,

• A)a society can increase the production of one good or service only by decreasing the production of some other good or service.
• B)society need no longer worry about tradeoffs.
• C)a society can increase the production of one good or service only by increasing the production of some other good or service.
• D)resources are no longer limited.
• E)scarcity is no longer a problem.

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Definitions:

Florists

Businesses or individuals specializing in arranging and selling flowers and ornamental plants.

Receivable

An amount of money owed to a company by its customers or clients for goods or services delivered but not yet paid for.

Inventory Increase

A rise in the quantity of products or materials that a company has available for sale or use, which is often an indicator of production levels or sales expectations.

Cash Discount

A reduction in the amount due by a buyer if payment is made within a specified period.