When Is an Economic Outcome Said to Be Efficient

question 224

Multiple Choice

When is an economic outcome said to be efficient?

• A)if the economy is using all of the resources it has available
• B)if the economy is conserving on resources and not using all it has
• C)if the economy is getting all it can from the scarce resources it has available
• D)if the economy is able to produce more than its current production without additional resources

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Definitions:

Intangible Values

Non-material benefits or qualities that are valued but not physically touchable, such as reputation, brand value, or human capital.

Corporate Culture

The beliefs, behaviors, values, and symbols that are accepted generally by members within an organization.

Power

The ability or capacity to influence the behavior of others or the course of events.

Authority

The recognized power or right to make decisions, issue orders, and enforce obedience, often associated with positions of leadership or institutional roles.