Allocative Efficiency Refers to

question 66

Multiple Choice

Allocative efficiency refers to

• A) producing the goods and services most highly valued.
• B) producing the maximum possible amount of output.
• C) using the least amount of labour to produce output.
• D) obtaining the least output with the most inputs.
• E) producing at any point on the PPF.

---

Definitions:

Alternate

Serving or used in place of another; secondary or substitute.

Abbreviation

A shortened form of a word or phrase used to save space or avoid repetition.

Tag

A keyword or term assigned to a piece of information (such as an Internet bookmark, digital image, or computer file), which helps describe the item and allows it to be found again by browsing or searching.

Rename Column

The action of changing the header name of a column in a table or spreadsheet to better reflect the data it contains.