An Increase in Efficiency Means That an Economy Has

question 31

Multiple Choice

An increase in efficiency means that an economy has:

• A)reduced its opportunity costs.
• B)increased the equity of its distribution of goods and services.
• C)made more people better off without making others worse off.
• D)increased the incentives for its citizens to follow their own self-interest.

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Definitions:

Connectivity

The state or quality of being connected or interconnected, often used in reference to technology, networks, and communication systems.

Wisdom of Crowds

The concept that large groups of people are collectively smarter than individual experts when it comes to problem-solving, decision-making, innovating, and predicting.

Guerrilla Marketing

A marketing strategy oriented towards using cost-effective unconventional methods to achieve the highest outcomes.

Promotion/Communication Technique

Strategies used by marketers to convey messages about products or services to consumers to encourage purchase or engagement.