When Is an Economic Outcome Said to Be Efficient

question 125

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 its resources for the future
• 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:

Nonroutine Collective Action

Spontaneous or unplanned group actions that emerge in response to unexpected events, differing from established patterns of behavior in society.

Social Relationships

Connections between individuals in a society that involve various forms of interaction, communication, and dependency.

Deprivation

The damaging lack of material benefits considered to be basic necessities in a society.

Collective Action

The phenomenon of people coming together and pooling their resources, often in the context of movements or initiatives, to achieve common goals.