. Your name (Last AND first) in the \"Name\" section * Your W# in the \"Identifi
ID: 1128816 • Letter: #
Question
. Your name (Last AND first) in the "Name" section * Your W# in the "Identification" section Your exam version number, 1 or 2, in the "Special Codes" section, under Column P You may use any tool you'd like - your notes, book, articles, and websites-to answer the following questions. and Mark the choice that best answers the question on your Blue S Scantron sheet. Don't forget to fill out the identification info as outlined above!!! What is meant by efficiency in economics? (a) Resources are fairly distributed among citizens (b) Firms with market power dominate a market (c) Resources are distributed by a central group of people in the government ld) Resources are put to their highest and best use 1. 2. Capitalism is best defined as an economic system: a) Wherein production and income distribution is guided by the mechanism of markets b) Which came immediately before feudallism (c) Wherein production and income distribution is guided by decisions made by the king, duke earl, or other aristocrat (d) That is not common in today's world 3. An equilbrium outcome is one in which: (a) A price floor keeps the market outcome from its natural place (b) A situation where all consumers are able to buy a good (c) A situation where all producers are able to sell their good (d) There is no tendency for changeExplanation / Answer
1) option d is correct (efficiency in economics means that resources are put to their highest and best use)
2) option a is correct (by definition)
3) option d is correct (At equilibrium there is no tendency for change)
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