In the Absence of Government,an Underallocation of Resources Generally Exists

question 89

Multiple Choice

In the absence of government,an underallocation of resources generally exists for

• A) goods with external costs.
• B) imported goods and services.
• C) public goods.
• D) all of the above

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Definitions:

Technological Change

The innovation and improvement in technology, processes, or methods, leading to increased efficiency, productivity, and new product development, affecting various sectors of an economy.

Productivity Growth

The increase in the efficiency of production in an economy, often measured by the output per unit of input over time.

Disposable Income

After-tax income. Term applies to individuals and to the nation.

Welfare Rolls

A list or register of individuals who are receiving welfare benefits provided by a government.