Introduction to Economics 1 Deneme Sınavı Sorusu #1081624
What does 'efficiency' mean?
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The society’s inability to produce all the goods and services people desire to |
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The society’s ability to produce all the goods and services people desire to |
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The inability of a firm or society to get the most out of a given level of inputs |
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The ability of a firm or society to get the most out of a given level of inputs |
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The distribution of resources fairly among members of the society. |
Efficiency is getting more from a given amount of scarce resources. If production technique A allows for production of more goods than technique B without increasing the amount of inputs and energy used, for example, technique A is said to be more efficient than technique B. The answer is D.
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