al cricket 9:13 PM Skyline College May 3014 There are thirty-five multiple -choi

Question

al cricket 9:13 PM Skyline College May 3014 There are thirty-five multiple -choice questions, cach woeth ten pointc and two non multiple-chice roblems, for a total of 400 points. Pick the best anwr for each maltiple-choice qacition and mk i on your castron wth a numbes two pencil. Plcase be sure to commplietcly casc any incocrct awcn. Amwer the son-ltiple-choice problems on the Neil sheet. Be sune to wrie your ae and hour o the In mioeconomiss the fundamental assumptioss of scance esources and unlinned wants gives rie a) the model of supply and demand b) perfect competition ) eficiency 2. The combinaion of food and clothing hown by poins F on the grah a) resalts oaly becaune society alocates is resources to goods and bi) will ocour if sone od c) sugpests thait the lawol ncreasing relative costs is not releva di is attainable if the economy andor developt of neu technology Clohing The notion that, under competition, decisions motivated by self-interesd promote the social isi known as a) big brother di the "visibile han corporale managers. In acapitalis ecomomy marke prioes a) ane set by the povermmen bi equal market quatries c) helptoration scarce goods and services d cause the supply and demand curves to shif

Explanation / Answer

1.d.Efficiency

Economic efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another.

2.B.

Points inside the PPC are attainable but inefficient.Inefficiency occurs when some resources are unemployed.

The last 2 questions are not at all visible.Please reply in comments.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.