Allocative efficiency is concerned with:

a. producing the combination of goods most desired by society.

b. achieving the full employment of all available resources.

c. producing every good with the least-cost combination of inputs.

d. reducing the concavity of the production possibilities curve.

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Nusrat FatimaLv10

11 Jan 2021

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Related questions

A country can achieve some combination of goods outside its production possibilities curve by

A. Buying the debt of foreign nations

B. Producing more capital goods and fewer consumer goods

C. Idling some of its resources

D. Specializing and engaging in international trade

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3. Suppose that a country is producing at a point inside its production possibilities frontier. Which of the following is true? (a) There will be a large opportunity cost if the country tries to increase its production of any good. (b) The country is producing beyond its capacity, so its current production in infeasible. (c) The country is not using all available resources or is using inferior technology or both. (d) The country is producing an efficient combination of goods.

The idea of efficiency often arises when measuring a society's well-being. There are two kinds of efficiency: productive efficiency and allocative efficiency.

What can the government do to promote allocative efficiency?

(i) Allocate resources so that all types of goods and services are produced in the same amount.

(ii) Allocate all resources to maximize the production of the one product most desired by society.

(iii) Take responsibility for distributing resources equally among the rich and the poor, regardless of people's preferences.

(iv) Impose a minimum of interference in the market, thus enabling the people who are willing to pay the most for a given good or service to obtain it.

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