When Is an Economic Outcome Said to Be Efficient

question 125

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 its resources for the future
• 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:

Logically Related Concepts

Ideas or terms that are connected in a rational or coherent manner, allowing for systematic reasoning or inference.

Organize

To arrange or structure things in a systematic way for efficiency or clarity.

Explain

To make (an idea, situation, or problem) clear to someone by describing it in more detail or revealing relevant facts.

Predict Data

The process of using statistical methods, algorithms, or models to forecast future outcomes or trends based on historical or current data.