Resource Use Is Allocatively Efficient When

question 362

Multiple Choice

Resource use is allocatively efficient when

• A) we produce the goods with the highest opportunity cost.
• B) we produce the goods with the lowest opportunity cost.
• C) we cannot produce more goods and services.
• D) we produce the amount of the different goods we value most highly.

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Definitions:

Social Class

A division of society based on social and economic status, often influencing individuals' opportunities, lifestyles, and attitudes.

Everyday Habit

refers to routine behaviors or practices that individuals perform regularly without much thought.

Life Chances

The opportunities that people have in common by virtue of belonging to a particular class.

Class Revolution

A fundamental and profound change in a society's class structure, often associated with social and political upheaval aimed at redistributing power and resources.