Productive Efficiency Refers to

question 5

Multiple Choice

Productive efficiency refers to

• A) the use of the least-cost method of production.
• B) the production of the product mix most wanted by society.
• C) the full employment of all available resources.
• D) production at some point inside of the production possibilities curve.

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Definitions:

Land And Buildings

Assets categorization in accounting, where land refers to the cost of land owned by a company and buildings to the cost of structures situated on the land.

Source Documents

Original records and documents that provide evidence of financial transactions and are the foundation for recording entries in the business’s accounting system.

Sales Receipts

Documents that evidence the sale of goods or services and the payment received for those sales.

Bank Statements

Monthly or quarterly documents issued by a bank detailing all transactions in a customer's account.