Which of the Following Statements Can Used to Describe Efficiency

question 255

Multiple Choice

Which of the following statements can used to describe efficiency?
I. Efficiently using resources means that producers make the highest profits possible.
II. Using resources efficiently means that we cannot produce more of one good without producing less of another good that has a higher value.
III. Resource use is efficient when we produce goods and services that people value most highly.

• A) I only
• B) I and II
• C) II and III
• D) I, II and III

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Definitions:

1998 Revisions

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A provision of the Uniform Commercial Code that deals with secured transactions involving personal property.

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The process by which individuals evaluate their own abilities, achievements, and situations by comparing them to those of others.