Which of the Following Statements Can Used to Describe Efficiency

question 255

Multiple Choice

Which of the following statements can used to describe efficiency?
I. Efficiently using resources means that producers make the highest profits possible.
II. Using resources efficiently means that we cannot produce more of one good without producing less of another good that has a higher value.
III. Resource use is efficient when we produce goods and services that people value most highly.

• A) I only
• B) I and II
• C) II and III
• D) I, II and III

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Definitions:

Supremacy Clause

A provision in the U.S. Constitution stating that federal law takes precedence over state law.

Commerce Clause

A provision in the U.S. Constitution that grants Congress the power to regulate trade between states, with foreign nations, and with Native American tribes.

Concurrent Power

Powers in nations with a federal system of government that are shared by both the federal government and each constituent political unit.

Declare War

The formal action by which a state announces military conflict against another state or group.