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11.The most efficient combination of resources in producing

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11.The most efficient combination of resources in producing any output is the combination that:

comes closest to using the same quantities of land, labor, capital, and entrepreneurial ability.

can be obtained for the smallest money outlay.

uses the smallest total quantity of all resources.

conserves most on the use of labor.

12.The failure of Soviet central planning was reflected in:

a declining growth rate.

poor quality goods.

the failure to provide promised consumer goods.

all of these.

13.The coincidence-of-wants problem associated with barter refers to the fact that:

for exchange to occur each seller must have a product that some buyer wants.

money must be used as a medium of exchange or trade will never occur.

specialization is restricted by the size or scope of a market.

buyers in resource markets and sellers in product markets can never engage in exchange.
Submitted: 5 years ago.
Category: Homework
Expert:  Homework Wiz replied 5 years ago.

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