An Economy's Resources

question 50

Multiple Choice

An economy's resources:

• A)are limited in quantity.
• B)are always efficiently utilized.
• C)consist of land, labor, capital, and money.
• D)are unrelated to its standard of living.
• E)are unlimited when we use the latest technology.

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Definitions:

Government Agency

An organization operated by the government, focusing on specific tasks and duties in public service or regulation.

Efficiency

The optimal allocation of resources in order to maximize the production of goods and services and minimize waste.

Government Agency

An organization established by the government to implement policy, carry out public services, or regulate activities within its jurisdiction.

Incentives

Factors, monetary or non-monetary, that motivate individuals or entities to behave in certain ways.