________ Is an Economic Measure of Efficiency That Summarizes the Value

question 59

Multiple Choice

________ is an economic measure of efficiency that summarizes the value of outputs relative to the value of the inputs used to create the outputs.

• A) GNP
• B) Productivity
• C) Turnover ratio
• D) Return on investment

---

Definitions:

Receive Bill

The act of getting an invoice or bill from a vendor that outlines the amount owed for goods or services received.

Create Purchase Order

The process of generating a document that authorizes a purchase transaction for goods or services from a supplier.

Vendor Transaction

A financial exchange or deal occurring between a business and a vendor, often related to the purchase of goods or services.

Receive Inventory

The process of accepting and documenting the arrival of goods or materials into a warehouse or storage facility.