Allocative Efficiency Occurs When It Is

question 208

Multiple Choice

Allocative efficiency occurs when it is

• A) possible to produce more of one good without giving up the production of some other good.
• B) possible to produce more of all goods.
• C) not possible to produce more of one good without giving up the production of some other good that is valued less highly.
• D) not possible to produce more of one good without giving up the production of some other good that is valued more highly.

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Definitions:

Incompetence

The lack of necessary skills, knowledge, or ability to perform a job or task effectively and to the required standard.

Due Process

In a disciplinary situation, following proper, established rules and procedures and giving employees the opportunity to respond to allegations.

Communications Training

Programs and initiatives focused on improving an individual's or group's ability to effectively convey information, understand others, and manage interpersonal interactions.

Notice Period

The time frame between when an employee notifies their intent to leave a job and their actual departure, or the period an employer gives an employee before termination.