Can i have help please 1. What's allocative efficiency? A. An increase in overall market efficiency...
Can i have help please
1. What's allocative efficiency? A. An increase in overall market efficiency due to a change in technology B. The allocation of resources in the most fair and equal manner possible C. The production of a particular good in the least costly way D. The particular mix of goods and services most highly valued by society
2.Microeconomics is concerned with A. positive economics, but not normative economics. B. the establishing of an overall view of the operation of the economic system. C. the aggregate or total levels of income, employment, and output. D. a detailed examination of specific economic units that make up the economic system
3. The circular flow model illustrates how resources and goods move through the economy between _______ and businesses. A. individuals B. households C. entrepreneurs D. government
4. Efficiency losses A. are also known as allocative losses. B. can only result from overdemand. C. can only result from oversupply. D. can result from either shortage or surplus.
Homework Answers
(1) (B)
Allocative efficiency pertains to the most equitable allocation of resources.
(2) (D)
Microeconomics deals with decision-making process and behavior of individuals and firms.
(3) (A)
At the basic level, circular flow model shows the inflow and outflow of inputs and outputs between firms and individuals (households).
(4) (D)
In presence of shortage or surplus, social inefficiency loss arises.
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Can i have help please
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