An Efficient Economy

question 158

Multiple Choice

An efficient economy:

• A) uses available resources fully.
• B) uses the best division of labor.
• C) produces an output combination at some point along the production possibility curve.
• D) all of the above.

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Definitions:

Significant Amounts

Quantities or volumes that are large enough to be noteworthy or have a considerable impact or importance in a specific context.

Linguistic Relativity Hypothesis

The theory that the structure of a language influences its speakers' worldview or cognition, suggesting that language affects thought processes.

Cultural Heritage

The heritage consisting of tangible objects and intangible qualities inherited from one generation to the next within a community or society.

Gambler's Fallacy

The erroneous belief that if a particular outcome occurs more frequently in a specific period, it will occur less frequently in the future, or vice versa.