If an Economy Is Allocatively Efficient,it Must Be Producing

question 40

Multiple Choice

If an economy is allocatively efficient,it must be producing

• A) beyond its production possibilities frontier.
• B) inside its production possibilities frontier.
• C) on its production possibilities frontier.
• D) the goods and services that are the most expensive.
• E) the goods and services that are the least expensive to produce.

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Definitions:

Holographic Will

A will entirely handwritten, dated, and signed by the testator, which in some jurisdictions, is accepted as valid without being witnessed.

Oral Will

An Oral Will, also known as a nuncupative will, is a will that has been spoken aloud in front of witnesses, rather than written down, valid only in certain jurisdictions.

Settlor

A person who creates a trust.

Residuary Clause

A provision in a will that assigns the remainder of the deceased's estate after specific gifts have been disbursed.