Productivity Improvements Can Be Obtained by

question 107

Multiple Choice

Productivity improvements can be obtained by

• A) increasing output.
• B) increasing input.
• C) increasing output with the same level of input.
• D) increasing input with the same level of output.
• E) maintaining the same level of input but using less output.

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Definitions:

Marginal Social Benefit

The additional gain to society as a whole from an additional unit of a good or service, considering both private benefits and externalities.

Marginal Benefit Curve

The Marginal Benefit Curve is a graphical representation showing how the benefit or utility from consuming each additional unit of a good decreases as more units are consumed.

Government Intervention

Regulatory actions taken by a government in order to affect or interfere with decisions made by individuals, groups, or organizations regarding economic and social matters.

Marginal Cost

The cost of producing one additional unit of a product or service.