Ask Question
BusinessBusiness
24 November, 06:53

An economic outcome is said to be efficient if the economy is

using all of the scarce resources it has available.

conserving on resources, rather than using all available resources.

getting all it can get from the scarce resources it has available.

able to produce more than what is currently being produced without additional resources.

+1
Answers (1)
  1. 24 November, 09:37
    0
    The correct answer is: getting all it can get from the scarce resources it has available.

    Explanation:

    We are aware that in an economy we have scarce resources. These scarce resources have alternative use and are to be used to satisfy unlimited wants and needs. When choosing one alternative, we need to sacrifice the other.

    In such a situation an outcome is said to be efficient if all the resources are being used efficiently. In other words, using the current level of resources if an economy cannot produce more output then it is efficient.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “An economic outcome is said to be efficient if the economy is using all of the scarce resources it has available. conserving on resources, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
This type of skid occurs when too much steering input is applied by the motorist for a given speed resulting in the front wheels skidding forward, regardless of additional steering inputs by the motorist a.) Oversteer b.
Answers (1)
Prospective buyers made an offer on a property. The seller did NOT accept, but made a counteroffer. The prospective buyers signed the counteroffer and the real estate agent delivered their acceptance to the seller.
Answers (1)
If a more efficient technology was discovered by a firm, there would be 9) A) a downward shift in the AFC curve curve C) a downward shift in the MC curve curve B) an upward shift in the AVC D) an upward shift in the AFC
Answers (1)
Javon is consuming his optimal utility-maximiring consumption bundle of lobster and macaroni-and-cheese dinners when he loses his job and has less money to spend. Both are normal goods.
Answers (1)
Margaret Lindley paid $15,100 of interest on her $301,000 acquisition debt for her home (fair market value of $501,000), $1,100 of credit card interest, and $3,100 of margin interest for the purchase of stock.
Answers (1)
New Questions in Business
Could the product flow operate independently from other channel flows?
Answers (1)
Rosana believes that she will succeed in business if she works hard and carefully manages her time. Her belief most clearly illustrates
Answers (1)
Crigui Music produces 60,000 CDs on which to record music. The CDs have the following costs: Direct Materials $11,000 Direct Labor 15,000 Variable Overhead 3,000 Fixed Overhead 7,000 Crigui could avoid $4,000 in fixed overhead costs if it acquires
Answers (1)
Assume that your nominal wage was fixed at $15 an hour, and the price index rose from 100 to 105. In this case, your real wage has: a. Decreased to $10 b. Increased to $15.75 c. Decreased to $14.29 d. Increased to $20
Answers (1)
Quench, a bottled water supplier, has 5,496 bottles of water in their warehouse at the end of April. One third of the bottles were purchased in February at a cost of $1.00 per bottle.
Answers (1)
Home » Business » An economic outcome is said to be efficient if the economy is using all of the scarce resources it has available. conserving on resources, rather than using all available resources. getting all it can get from the scarce resources it has available.
Sign Up Forgot Password?