Production Efficiency Means That

question 132

Multiple Choice

Production efficiency means that

• A) scarcity is no longer a problem.
• B) producing more of one good is possible only if the production of some other good is decreased.
• C) as few resources as possible are being used in production.
• D) producing another unit of the good has no opportunity cost.

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Definitions:

Centration

A characteristic of preoperational thought in which a young child focuses (centers) on one idea, excluding all others.

Conservation Problems

Challenges related to the inability to understand that properties such as volume, mass, and number remain the same despite changes in the form or appearance.

Preoperational Thought

A stage in Piaget's theory of cognitive development occurring from ages 2 to 7, characterized by symbolic thinking, egocentrism, and a lack of logical operations.