Inefficiency Exists in an Economy When a Good Is

question 68

Multiple Choice

Inefficiency exists in an economy when a good is

• A)being produced with less than all available resources.
• B)not distributed fairly among buyers.
• C)not being produced by the lowest-cost producers.
• D)being consumed by buyers who value it most highly.

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Definitions:

Work Measurement

The process of analyzing and assessing the time necessary to complete tasks to determine ways to increase efficiency.

Work Sampling

A statistical technique used for analyzing work efficiency and performance by taking random samples of work activities over time.

Idle Time

Periods when resources are available but not in use, often due to delays, inefficiencies, or lack of demand, leading to wasted capacity.

Observations

The process of monitoring, recording, and analyzing data or events for the purpose of drawing conclusions or making decisions.