When Is an Economic Outcome Said to Be Efficient

question 125

Multiple Choice

When is an economic outcome said to be efficient?

• A) if the economy is using all of the resources it has available
• B) if the economy is conserving its resources for the future
• C) if the economy is getting all it can from the scarce resources it has available
• D) if the economy is able to produce more than its current production without additional resources

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Definitions:

Technique

A specific way of carrying out a particular task, often implying a skillful or efficient method.

Moral Reasoning

The process of determining right and wrong in scenarios, guided by personal, cultural, or societal standards of behavior.

Obedience to Authority

The psychological tendency to comply with instructions or orders from individuals perceived as authoritative.

Mutual Respect

A reciprocal understanding and acknowledgment of the value and integrity of others, fostering positive and respectful interactions.