Use the Following to Answer Question(s)

question 90

Multiple Choice

Use the following to answer question(s) :
Exhibit: Consumer and Capital Goods

-(Exhibit: Consumer and Capital Goods) If the economy is operating at point Y on currently relevant Curve 1, this means that:

• A) the economy is at full employment and is efficient.
• B) the economy is less than fully employed.
• C) the economy is not efficient.
• D) economic growth is not possible in the future.

---

Definitions:

Productivity

A measure of the efficiency of production, often evaluated as the ratio of output to inputs in the manufacturing process.

Productivity Calculation

The process of measuring the efficiency of production, often quantified as the ratio of output to inputs used in the production process.

Productivity Definition

A measure of the efficiency of production, typically expressed as the ratio of outputs produced to inputs used.

Labor Cost

The total sum of all compensation that a business must pay to its employees, including wages, benefits, and taxes.