When resources are allocated in such a way that it is possible to increase the production of one good only by decreasing the production of another, then the allocation of resources is:Multiple choice question.efficient.inefficient.impossible.suboptimal.

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

When resources are , increasing the production of one good causes a decrease in the production of the other.

Multiple Choice QuestionWhich of the following can be a cause of extensive economies of scale?Multiple choice question.Reduced production inputsCreative destructionBarriers to entryModern technology

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