The Primary Problem with Nonmarket Economic Coordination Is

question 149

Multiple Choice

The primary problem with nonmarket economic coordination is

• A)that some people get wealthy.
• B)the possibility that efficiency will result.
• C)the difficulty of collecting and acting on economic information.
• D)that, without a market, exchange cannot take place.
• E)that no one is providing central direction for the economy.

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Definitions:

Technical Efficiency

The ability of an entity to maximize output for a given set of inputs, using the least possible amount of resources.

Fixed Proportion

A production scenario where inputs are used in rigid, unchanging ratios to produce outputs.

Crew Members

Individuals who work together as part of a team, especially on ships, aircraft, or in film and television productions.

Aircraft

A vehicle designed to navigate through the air.