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Author Question: Efficiency refers to a. producing output using the least amount of labor b. producing output using ... (Read 48 times)

jCorn1234

  • Hero Member
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  • Posts: 545
on: Jul 1, 2018
Efficiency refers to
 a. producing output using the least amount of labor
  b. producing output using the least amount of capital
  c. producing as far inside the production possibilities frontier as possible
  d. producing only one out of many possible commodities
  e. getting the maximum possible output from available resources

Question 2

Which of the following is most appropriately measured along one axis of the production possibilities frontier diagram?
 a. the quantity of a produced good
  b. the price of a produced good
  c. the quantity of natural resources
  d. the state of technology
  e. society's welfare and satisfaction


Ksh22

  • Sr. Member
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  • Posts: 297
Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

A


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