If an Economy Is Efficient

question 105

Multiple Choice

If an economy is efficient:

• A)all goods are produced at their maximum quantity.
• B)all opportunities to make people better off without making other people worse off have been taken.
• C)more resources have been used to produce specific consumer goods than producer goods.
• D)prices are the lowest they can possibly be.

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Definitions:

Technical Understanding

The ability to grasp and apply specialized knowledge or skills related to a particular field or technology.

Creative People

Individuals who think outside the box and are able to generate original and innovative ideas or solutions.

OD Intervention

Organizational Development interventions are strategies and techniques employed to improve an organization's effectiveness and health through changes in policies, processes, and culture.

Managerial Innovation

The adoption of novel ways to organize and manage corporate resources, often leading to more effective administration and operations.