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11 Dec 2019
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?
Ā
(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.
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?
Ā
(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.
Casey DurganLv2
27 Mar 2020
