A society which is inside its production possibilities frontier is efficient.
Correct Answer:
Verified
Q62: Economists define "efficiency" as the absence of
Q68: A decrease in the unemployment rate will
Q85: The principle of comparative advantage explains specialization
Q90: Only a market economy must answer the
Q91: A society must make three sorts of
Q92: Voluntary exchange results in mutual gains.
Q93: In terms of efficiency, any point on
Q96: If two persons trade, one must gain
Q97: Division of labor has caused output to
Q98: In the Wealth of Nations, Adam Smith
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents