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

“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.

Step by Step Solution

★★★★★

3.37 Rating (156 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

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

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Macroeconomics Principles 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....

1.1 For each of the following, describe some of the potential opportunity costs: a. Visiting your parents over the weekend b. Exercising an hour every other day c. The government of your country...

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...

1.2 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...

1.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...

"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...

1.Productive efficiency for an individual firm requires that a.all resources be fully used. b.MC = P for all goods. c.the firm be on its LRAC curve. d.the firm be allocatively efficient. e.P = ATC...

hi. I'm stuck with a report whose Chic Paints Ltd. and I am finding difficulty to answer some questions such as the organisations accounting system requirements including hardware and software...

Ackermans Garage uses standards to plan and control labor time and expense. The standard time for an engine tune-up is 3 hours, and the standard labor rate is $25 per hour. Last week, 42 tune-ups...

Mary Jane Boerner began smoking in 1945 at the age of fifteen. For a short time, she smoked Lucky Strikes (a brand of cigarettes) before switching to the Pall Mall brand, which she smoked until she...

In 2012, the Rose Corporation made a $400,000 interest-free loan to John Rose, the corporations controlling shareholder. Mr. Rose is also the corporations chief executive officer and receives a...

=+ Is it a proper func- tion of government to tax some people in order to pro- vide benefits to others? Why or why not? Discuss.

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...

Compound Interest Question 20, 8.4.44 HW Score: 81.84% 1.67 of 24 points Points: 0 of 1 Save 1746. a manodonary 144,736 in gold and supplies Due to a disagreement over the method of payment, he was...

The Ramjah Corporation had $200,000 of taxable income from operations this year. What is the company's federal income tax bill for the year? Assume that the firm receives an additional $40,000 of...

You own a portfolio that has $2,500 invested in Stock A and $3,500 invested in Stock B. If the expected returns on these stocks are 10 percent and 13 percent, respectively, what is the expected...