When Is an Economic Outcome Said to Be Efficient

question 224

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 on resources and not using all it has
• 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:

Attribution Bias

A cognitive bias that affects the way people deduce the causes of their own and others' behaviors, often attributing them incorrectly.

Employee Withdrawal Behaviors

Actions by employees to disengage from work, which can include absenteeism, tardiness, or quitting, often due to dissatisfaction or disinterest.

Absenteeism

Absenteeism is the habitual non-presence of an employee at their job. Habitual absenteeism might indicate dissatisfaction with the job, personal issues, or chronic health problems.

Job Satisfaction

A measure of how content an individual is with their job, encompassing various factors including the nature of the work, compensation, and work environment.