Efficient Production Means Producing

question 184

Multiple Choice

Efficient production means producing:

• A) less than feasible output for a given amount of resources.
• B) more than feasible output for a given amount of resources.
• C) the maximum feasible output for a given amount of resources.
• D) no more than what is needed.
• E) in excess of what is needed.

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Definitions:

OLED Televisions

TVs that use Organic Light-Emitting Diode technology to produce images, known for thick contrast, deep blacks, and energy efficiency.

LCD Televisions

Electronic devices that use liquid crystal displays to show television programming, movies, and other content.

Production Possibility Frontier

A curve depicting the maximum possible output combinations of two goods that can be produced with available resources and technology.

Economic Growth

The increase in the inflation-adjusted market value of the goods and services produced by an economy over time, typically measured as the percent rate of increase in real gross domestic product (GDP).