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An economy is ___________ if it is producing the maximum output with the given resources and technology (that is, if it is producing at a point on the frontier), and is ____________ if it is not.
 
a. productive efficient; productive inefficient
b. expanding; contracting
c. allocative efficient; allocative inefficient
d. contracting; expanding

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Samantha Balando
Samantha BalandoLv7
15 Oct 2020

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Related questions

Refer to the diagram. By producing at output level Q

A. productive efficiency is achieved but allocative efficiency ls not.

B. neither productive nor allocative efficiency is achieved.

C. allocative efficiency is achieved, but productive efficiency is not.

D. both productive and allocative efficiency is achieved.

 

Why is the shape of the production possibilities frontier (PPF) often curved instead of straight?

a) Because the PPF is based on the productive capabilities of a nation overall rather than the productive capacity of an individual.

b) Typically, some resources are better suited for producing one good than another, which means that there are diminishing returns when moving such resources away from producing what they are best suited for.

c) The productive efficiency of an economy decreases as it moves from left to right along the PPF.

d) To take a potential sunk cost into account, the PPF is curved to distribute the burden of the sunk cost based on allocative efficiency

33) Which one of the following statements is not true? A) A production process is technologically efficient only if it is producing a given output at the lowest possible cost. B) If a process is economically efficient, it must be technologically efficient as well. C) Economic efficiency depends on the relative price of inputs, while technological efficiency does not D) Economically efficient firms will be more likely to survive than economically inefficient firms. E) Technologically efficient firms are more likely to survive than technologically inefficient firms.

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