An economy has achieved ____ if it has not passed up any opportunities to make some people better off without making others worse off. ? efficiency ? a global maximum ? utility ? equity
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Resource use is efficient when it is not possible to make someone better off without making someone else worse off, workers receive an income equal to that made by their employers, new resources are constantly being discovered, and no resource depletion occurs. Wealth is spread equally throughout society.
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An economy will achieve productive efficiency when it ___ and will achieve allocative efficiency when it ___. s producing the combination of goods and services that most benefit the people in the economy; Is maximizing production and could not increase production of both goods at the same time. Is maximizing production and could not increase production of both goods at the same time; is producing the combination of goods and services that most benefit the people in the economy. Is maximizing production and could not increase production of both goods at the same time; is producing an equal amount of both goods. Is producing beyond the production possibility frontier; is producing inside the production possibility frontier.
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