What Does It Mean If an Economy Is Producing Efficiently

question 163

Multiple Choice

What does it mean if an economy is producing efficiently?

• A) There is no way to produce more of one good without producing less of the other.
• B) It is possible to produce more of both goods.
• C) It is possible to produce more of one good without producing less of the other.
• D) It is not possible to produce more of one good at any cost.

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Definitions:

Infectious Diseases

Diseases caused by pathogenic microorganisms, such as bacteria, viruses, parasites or fungi; these diseases can be spread, directly or indirectly, from one person to another.

GAAS Auditing

Standards that guide the conduct of audits on the financial statements of companies, known as Generally Accepted Auditing Standards.

Adverse Opinion

An auditor’s opinion that states that deviations from generally accepted accounting principles are so serious that an unqualified opinion is impossible and a qualified opinion is not justified.

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction.