Question

An economic outcome is said to be efficient if the economy is a getting all it can get from the scarce resources it has available. b conserving on resources, rather than using all available resources. c using all of the resources it has available. d able to produce more than what is currently being produced without additional resources.

Answer 1

Answer:

The correct answer is option a.

Explanation:

An economic outcome is said to e efficient if the economy can produce the maximum amount of goods and services using all the scarce resources it has. If the production of anyone good cannot be increased without decreasing the production of any other good, the production is said to be efficient.

If the economy can increase production without additional resources then the current level of production is not efficient.