When resources are allocated in such a way that it is possible to increase the production of one good without decreasing the production of another, then the allocation of resources is:Multiple choice question.inefficient.optimal.efficient.possible.

Producing output at the lowest possible total cost per unit of production is:Multiple choice question.allocative efficiency.marginal efficiency.cost efficiency.productive efficiency.

Multiple Choice QuestionWhich of the following increases marginal productivity and therefore its demand?Multiple choice question.Improvements in the quality of a variable resourceImprovements in the quantities of a variable resourceImprovements in the supply of a variable resourceImprovements in the demand of a variable resource

Multiple Choice QuestionWhen an economy uses its resources to maximize people's well-being by producing a specific mix of goods and services, it is called Blank______.Multiple choice question.allocative efficiencyeconomic growthproductive efficiencyutility

Multiple Choice QuestionWhich of the following helps allocate resources among alternative lines of production, distribution, and sales?Multiple choice question.InterestLoanable fundsLaborProfit

Combinations outside of the production possibilities frontier are:Multiple choice question.possible to produce and efficient.only possible with a reduction in labor.not currently possible to produce.possible to produce but inefficient.