Use the Following to Answer Questions

question 264

Multiple Choice

Use the following to answer questions :
-(Table: Production of Good Z and Good X in Urbanville) Look at the table Production of Good Z and Good X in Urbanville. Suppose this table shows the production possibility frontier and Urbanville is producing 15 of Z and 45 of X. This combination is:

• A)both allocatively and productively efficient.
• B)productively efficient.
• C)allocatively efficient.
• D)neither productively nor allocatively efficient.

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Definitions:

Primarily Liable

Being the first or main party responsible for fulfilling a debt or obligation.

Secondarily Liable

Pertains to a party that holds liability not as the primary party responsible but as a backup in case the primarily liable party fails to fulfill their obligations.

Personally Liable

The state of being legally responsible for debts or obligations out of personal assets, not limited to business or corporate assets.

Agent

An individual or entity authorized to act on behalf of another in legal or business matters.