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Questions and Answers
What does efficiency primarily aim to minimize?
What does efficiency primarily aim to minimize?
- Consumer demand
- Market fluctuations
- Investment costs
- Resource wastage (correct)
In an efficient economic state, resources should be allocated to serve individuals in which manner?
In an efficient economic state, resources should be allocated to serve individuals in which manner?
- With preference to larger entities
- Equally regardless of need
- Based on maximum profit potential
- In the best way possible (correct)
Which of the following is a key characteristic of an efficient allocation of resources?
Which of the following is a key characteristic of an efficient allocation of resources?
- High levels of redundancy
- Random distribution of goods
- Overproduction of commodities
- Minimized waste (correct)
Which situation would best represent inefficiency within an economic framework?
Which situation would best represent inefficiency within an economic framework?
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What is one potential outcome of achieving efficiency in resource allocation?
What is one potential outcome of achieving efficiency in resource allocation?
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