Production Efficiency Is Achieved When

question 139

Multiple Choice

Production efficiency is achieved when

• A)the production possibilities frontier shifts outward at a constant pace.
• B)resources are not equally productive in all activities.
• C)all resources are equally productive in all activities.
• D)there are no tradeoffs.
• E)we produce goods and services at the lowest possible cost.

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Definitions:

Incidental Beneficiary

A third party who may benefit from a contract between two other parties, even though the benefit was not the purpose of the contract.

Civil Code

A systematic collection of laws designed to comprehensively deal with the core areas of private law such as property, family, and contracts.

Uniform Commercial Code

An extensive collection of regulations overseeing every commercial activity within the United States.

Assignor

A person or entity who transfers obligations along with rights to another party in the context of a legal agreement.