If an Economy Is Producing at a Point on Its

question 218

Multiple Choice

If an economy is producing at a point on its production possibilities frontier,it is:

• A)efficient in production and allocation.
• B)efficient in production but not necessarily in allocation.
• C)efficient in allocation but not necessarily in production.
• D)not necessarily efficient in production or allocation.

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Definitions:

Economic System

The structure and methods by which a society or country organizes and allocates its resources, goods, and services.

Domestication

The process of adapting wild plants or animals for human use, or the adaptation of technology within societal and cultural contexts.

Piety

A quality of being religious or reverent, often characterized by a deep respect for God or devout fulfillment of religious obligations.