Question

A state of affairs in which it is impossible to make any change that satisfies one person’s wants more fully without causing some other person’s wants to be satisfied less fully is the definition of __________.

a.	economic efficiency	b.	economic inefficiency
c.	investment	d.	cost opportunity

Which economist believed that, “Coordination through markets is the foundation of prosperity and progress”?

a.	Adam Smith	b.	David Ricardo
c.	William Beveridge	d.	Sir James Ball

Which economist wrote that “Coordination through markets is the foundation of prosperity and progress”?

a.	Adam Smith	b.	David Ricardo
c.	William Beveridge	d.	Sir James Ball

Which of the following is not an example of spontaneous order?

a.	The evolution of life on Earth.	b.	Markets
c.	Having an agent choose which airline check-in line to use	d.	The evolution of the Internet

Answer 1

Ans1.) OPTION (A) Economic efficiency

--- A state of affairs in which it is impossible to make any change that satisfies one person's wants more fully without causing some other person's wants to be satisfied less fully is called economic efficiency.

Ans2.) OPTION (A) Adam Smith

--- Adam Smith believed that " Coordination through markets is the foundation of prosperity and progress ".

Ans3.) OPTION (A) Adam Smith

--- Adam Smith wrote that " Coordination through markets is the foundation of prosperity and progress ".

Ans4.) OPTION (C) Having an agent choose which airline check-in line to used.

Reason :- Examples of spontaneous order are -

i.) The evolution of life on Earth

ii.) Markets

iii.) The evolution of the internet

Therefore, OPTION (C) is correct.