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Author Question: Which of the following statements can used to describe efficiency? I. Efficiently using resources ... (Read 79 times)

lidoalex

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Which of the following statements can used to describe efficiency?
 
  I. Efficiently using resources means that producers make the highest profits possible.
  II. Using resources efficiently means that we cannot produce more of one good without producing less of another good that has a higher value.
  III. Resource use is efficient when we produce goods and services that people value most highly.
  A) I only
  B) I and II
  C) II and III
  D) I, II and III

Question 2

During 2005-2006 Europe imported more than 70 million worth of U.S. long-grain rice. Who gains from this trade?
 
  A) European rice consumers gain from trade.
  B) There is no gain from trade.
  C) European rice producers gain from trade.
  D) American rice consumers gain from trade.



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juicepod

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Answer to Question 1

C

Answer to Question 2

A




lidoalex

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)


amynguyen1221

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Reply 3 on: Yesterday
Wow, this really help

 

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