Productive Efficiency Refers to

question 101

Multiple Choice

Productive efficiency refers to

• A) the use of the least-cost method of production.
• B) the production of the product mix most wanted by society.
• C) the full employment of all available resources.
• D) production at some point inside of the production possibilities curve.

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Definitions:

Productivity Growth

The rate at which the efficiency of production increases, often measured by the output per unit of labor input over time.

Health Care Per Capita

The total expenditure on health care divided by the population size, indicating the average spending on health care per person.

Rich Nations

Countries with high levels of wealth, income, and economic productivity per capita.

Population Growth

The increase in the number of individuals in a population, often considered for a specific area and time period.