An 'Increase in Efficiency' Suggests That an Economy

question 82

Multiple Choice

An 'increase in efficiency' suggests that an economy:

• A)is using more costly production techniques
• B)has decided to produce more luxury goods
• C)is able to get less goods and services from a given amount of resources
• D)is able to get more goods and services from a given amount of resources

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Definitions:

Making Pizzas

The process of preparing and baking pizzas, which involves creating the dough, adding toppings, and cooking in an oven.

Hourly Rate

The amount of compensation or payment received for each hour of work performed.

Behavioral Contrast

The phenomenon where the rate of response to a stimulus changes significantly when the conditions of reinforcement for another stimulus are modified.

Lack of Money

The state of not having sufficient monetary resources, which can affect one’s ability to satisfy basic needs or attain certain goals.