Resources Are Allocated Efficiently When

question 120

Multiple Choice

Resources are allocated efficiently when

• A) everyone can afford what they want.
• B) production occurs at least cost.
• C) output is fairly distributed.
• D) profits are maximized.

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Definitions:

International Trade

International trade involves the exchange of goods, services, and capital across international borders or territories, influenced by factors such as comparative advantage, exchange rates, and global economic policies.

Standards of Living

A measure of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Opportunity Costs

Eliminating possible positive outcomes from alternative selections by choosing one.

Worse Off

A situation or condition in which an individual or group is disadvantaged or in a less favorable position than before.