Economic Efficiency Is Achieved

question 20

Multiple Choice

Economic efficiency is achieved

• A)when all resources are fairly allocated
• B)when an economy is producing the maximum possible amount of goods and services
• C)when production or allocation of goods cannot be rearranged to make one person better off while harming no one else.
• D)if production or allocation of goods cannot be rearranged to make at least one person better off
• E)if production or allocation of goods cannot be rearranged in a way the benefits more people than it harms

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Definitions:

Equal Volumes

Describes when two or more substances occupy the same amount of space, despite possibly having different shapes or forms.

Balanced Chemical Equation

A symbolic representation of a chemical reaction in which the number of atoms for each element is equal on both the reactant and product sides.

Coefficients

Numerical or constant multipliers that are placed before variables in equations to denote how many units of the variable are involved.

Gaseous Reaction

A chemical reaction that involves substances in the gas phase.