Lecture 5 Macroeconomic Choice 2: Markets Flashcards
1
Q
slope of the ppf
A
-p(x-axis good)/p(y-axis good)
2
Q
arbitrage
A
situation when a trader can exploit a price difference to generate instant profits
3
Q
markets are ____ efficient than planned economies
A
more
4
Q
technical efficiency
A
on ppf
5
Q
economic efficiency
A
optimal resource mix
