Examlex
The following questions are based on the excerpt below.
"There is I think great danger that [the new United States government] will be [a failure] unless the tottering system shall be supported by arms...
What is the cause of this commotion [in Western Massachusetts]? [The farmers] just complained of commutation,of the weight of the public taxes,of the insupportable debt of the union,of the scarcity of money,and of the cruelty of suffering the private creditors to call for their just dues....The proportion of debtors run high in this State.Too many of them are against the government.The men of property,and the holders of the public securities are generally abettors of our present constitution."
Benjamin Lincoln,letter to George Washington,1786
-The conflict described in the passage most nearly reflects similar debates during
Productive Efficiency
Occurs when a good or service is produced at the lowest possible cost, utilizing all resources efficiently.
Cartel
A formal agreement among firms (or countries) in an industry to set the price of a product and establish the outputs of the individual firms (or countries) or to divide the market for the product geographically.
Economic Efficiency
A situation in which resources are optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.
Brand Loyalty
The tendency of consumers to continuously purchase one brand's products over another's based on their positive experience with that brand.
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