If an Economy Produces Its Most Wanted Goods but Uses

question 70

Multiple Choice

If an economy produces its most wanted goods but uses outdated production methods, it is:

• A)achieving productive efficiency, but not allocative efficiency.
• B)not achieving productive efficiency.
• C)achieving both productive and allocative efficiency.
• D)achieving the least-cost method of production.

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Definitions:

Job Satisfaction

The level of contentment individuals feel about their work, which can involve factors like work environment, salary, and personal fulfillment from their job role.

Workers

Individuals engaged in an occupation or activity, especially those who are part of the labor force.

Reference Group

A social group that individuals use as a standard for evaluating themselves, their attitudes, and their behaviors.

Norms

Established standards of behavior or beliefs that are considered acceptable within a society or group.