Obtaining the socially optimal amounts of goods and services using minimum necessary resources ?

Related Mcqs:

The sale of products below sale of production in a foreign country or below the prices charged at home is called ?

A. Dumping B. Subsidy C. Inflation D. Monopoly...

An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities________________?

A. Pure capitalism B. Command Economy C. Closed economy D. Open economy...

Allocative efficiency is__________________?

A. Producing all output combinations in least costly way B. Producing the specific output mix most desired by society C. Producing the desired things D. None...

A curve showing the distribution of income in an economy___________________?

A. Lorenz curve B. Indifference curve C. Income budget line D. Investment damage curve...

An organization of producers agreeing to limit the output of their product in an effort to raise prices and profit ?

A. Cartel B. Capital account C. Buffer stock D. Capital account...