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economic methodology and the economic problem
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Multiple Choice
Multiple choice questions
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1. allocative efficiency
a curve depicting the various combinations of two products for types of products that can be produced when all the available resources are fully and efficiently employed.
a statement of fact that can be scientifically tested to see if it is correct or incorrect.
when the available economic resources are used to produce the combination of goods and services that best matches people's tastes and preferences.
a statement that includes a value judgement and cannot be refuted just by looking at the evidence.
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