An Economy's Production of Two Goods Is Efficient If

question 238

Multiple Choice

An economy's production of two goods is efficient if

• A)all members of society consume equal portions of the goods.
• B)the goods are produced using only some of society's available resources.
• C)it is impossible to produce more of one good without producing less of the other.
• D)the opportunity cost of producing more of one good is zero.

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Definitions:

Shared Environment

The effects of growing up with the same parents; also known as family environment.

Impulsivity

The tendency to act on a whim, displaying behavior characterized by little or no forethought, reflection, or consideration of the consequences.

Conscientiousness

A personality trait characterized by being organized, responsible, and thorough; one of the Big Five personality traits.

Introversion

A personality trait characterized by a preference for solitary activities and inward-focused experiences, as opposed to seeking stimulation from external sources.