As long as all resources are fully employed and every firm in the economy is producing its

Question:

“As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the result will be efficient.” Do you agree or disagree with this statement? Explain your answer.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Macroeconomics

ISBN: 978-0134078809

12th edition

Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster

See More Books

Question Posted: Dec 27, 2018 04:55 AM

See More Questions

Multiple Choice Questions: Use the diagram to answer questions 1 through 4. .:. 1. Currently, it is not possible to produce at a. point A. b. point B. c. point E. d. point G. e. either point E or...
The diagram below shows the production possibilities boundary for a country that produces only two goods: limes and coconuts. Assume that resources are fully employed at points A, B, C, and D. a....
Multiple Choice Questions: 1. A federal program aimed at retraining the unemployed workers of the declining auto and steel industries is designed to reduce which type of unemployment? a. Seasonal b....
Find the struggles faced by business (printed t-shirts) with suppliers? Explain what would be the communication plan for each stakeholder and how you'll implement the decision you have taken?
What are sunk costs, and how should they be considered when evaluating an investment's cash flows?
Given a directed line from point p0(x0, y0) to p1(x1, y1), you can use the following condition to decide whether a point p2(x2, y2) is on the left of the line, on the right, or on the same line (see...
Suppose that a forward contract on an asset is written at time zero and there are $M$ periods until delivery. Suppose that the proportional carrying charge in period $k$ is $q S(k)$, where...
Standing sound waves are produced in a pipe that is 1.20 m long. For the fundamental and first two overtones, determine the locations along the pipe (measured from the left end) of the displace...
A2 Milk want to acquire Noumi. Briefly describe the valuation method chosen, namely, the fundamental and relative valuation methods used. Justify the choice of model and any significant assumptions...
Reese Castor, owner of Castor Corporation, is located at 1310 Garrick Way, Sun Valley, Arizona, 86029, phone number is 928-555-8842. The federal EIN is 20-1948348, and the state employer...
For each of the following, describe some of the potential opportunity costs: a. Going home for Thanksgiving vacation b. Riding your bicycle 20 miles every day c. The federal government using tax...
Suppose that a simple society has an economy with only one resource, labor. Labor can be used to produce only two commoditiesX, a necessity good (food), and Y, a luxury good (music and merriment)....
Azure Company paid $10,800 in advance for one year of property taxes on September 24. The property taxes are for the one-year period beginning October 1. Make the journal entries necessary to record...
What do we call the financial cost of maintaining a certain standard of living in a specific location?
What is a good source of cultural information once a manager is already inside a country?
How does globalization influence the institutions and economies of nations?
Why might a company be referred to as a born global firm?
How have falling barriers to trade and investment encouraged globalization?
How can a subordinate tactfully, professionally, and safely deliver upsetting news personally to a superior?
Write a paper about the Working relationship in the organization- collaboration within and outside the organization
A $1 increase in government spending will raise equilibrium income more than a $1 tax cut will, yet both have the same impact on the budget deficit. So if we care about the budget deficit, the best...
For the data in the following table, the consumption function is C = 800 + 0.6 (Y T). Fill in the columns in the table and identify the equilibrium output. Planned Aggregate Expenditure Planned...
The United States is divided into 12 Federal Reserve districts, each with a District Bank. These Districts and the locations for the District Bank in each region are shown in Figure 10.4. Do some...
What is an environmental scan and why is it important? How does the environmental scan impact the marketing plan? Next, read the article "Apple Signals Coronavirus's Threat to Global Business". How...
Identify the problem statement for Apple bites back. Next, identify what will Apple need to do to maintain product innovation and customer loyalty? How has Apple developed extreme loyalty among...
Research articles regarding marketing to Baby Boomers (find at least 3). (This will be your Target Market Demographics Age Range). Please be specific and find as much information as you can about...

As long as all resources are fully employed and every firm in the economy is producing its

Question:

Step by Step Answer:

Disagree To be efficient an economy must produc...View the full answer

Principles of Macroeconomics

Students also viewed these Business questions