Author Question: Which of the following statements can used to describe efficiency? I. Efficiently using resources ... (Read 59 times)

lidoalex · **on:** Jun 29, 2018

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.