If All You Knew About a Production System Was That

question 53

Multiple Choice

If all you knew about a production system was that total daily output was 400 units and the total labor necessary to produce the 400 units was 350 hours, what kind of productivity measure could you use to compute productivity?

• A) partial measure
• B) multifactor measure
• C) total measure
• D) global measure
• E) All of these choices are correct

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Definitions:

Sound Policy

A policy that is well-founded, practical, and likely to produce desired outcomes, often based on evidence and rational analysis.

Rational-Ignorance Effect

The decision by individuals to remain uninformed about an issue because the perceived cost of acquiring the knowledge outweighs the expected benefits.

Externalities

Externalities are consequences of an economic activity experienced by unrelated third parties; they can be either positive (benefits) or negative (costs).

News Media

Organizations and platforms that gather, produce, and distribute news and information to the public.