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What is the primary goal of resource allocation in economics? (2023)

Practice Questions

1 question
Q1
What is the primary goal of resource allocation in economics? (2023)
  1. To ensure equal distribution of wealth.
  2. To maximize the efficiency of resource use.
  3. To minimize production costs.
  4. To eliminate competition in the market.

Questions & Step-by-step Solutions

1 item
Q
Q: What is the primary goal of resource allocation in economics? (2023)
Solution: The primary goal of resource allocation is to maximize the efficiency of resource use, thus option 1 is correct.
Steps: 0

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