The Most Efficient Combination of Resources in Producing a Given

question 242

Multiple Choice

The most efficient combination of resources in producing a given output is the combination that

• A) comes closest to using the same quantities of land, labor, capital, and entrepreneurial ability.
• B) minimizes the cost per unit of output.
• C) uses the smallest total quantity of all resources.
• D) conserves most on the use of labor.

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Definitions:

Entry Fees

charges that must be paid to gain access to a service, event, or establishment.

Regressive Tax

A tax levied at a rate that decreases as the taxpayer's income increases, placing a heavier burden on low-income individuals.

Federal Inheritance Tax

A tax imposed by the federal government on the transfer of estate from a deceased person to their beneficiaries or heirs.

General Sales Tax

A tax imposed on sales transactions, usually calculated as a percentage of the selling price of goods and services.