Question $12$

Productive inefficiency

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a all of the below

b occurs when a society produces at a point inside its production possibility frontier.

occurs when resources are wasted.

d implies that society could have more of some goods without having less of any other goods.

Question $13$

The concept of elasticity is used to

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a indicate the economy's ability to rebound from a recession

b measure the sensitivity of one variable to changes in another

measure the reliability of a variable

d measure the percentage change in price

measure the percentage change in income