Exchange Efficiency Means

question 57

Multiple Choice

Exchange efficiency means:

• A)that we can reallocate a fixed basket of consumption goods among consumers in a way that makes all consumers better off.
• B)that we cannot reallocate a fixed stock of inputs among firms so that we can simultaneously expand the output of all goods produced in an economy.
• C)that we cannot reallocate a fixed basket of consumption goods among consumers in a way that makes all consumers better off.
• D)that we can reallocate a fixed stock of inputs among firms so that we can simultaneously expand the output of all goods produced in an economy.

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Definitions:

Hits

A term that often refers to the popularity or success of something, such as a website visit, song downloads, or the number of times a piece of information is accessed.

Signal-Detection Experiment

A method to measure the ability to differentiate between information-bearing patterns and random patterns that distract from the information.

Miss

In a psychological context, it can refer to a failure to perceive, understand, or achieve a particular target or outcome.

Stimulus

Any external or internal event or factor that elicits a response from our sensory system or psychological processes.