"Efficiency" Refers to

question 99

Multiple Choice

"Efficiency" refers to

• A)producing output using the least amount of labor
• B)producing output using the least amount of capital
• C)producing as far inside the production possibilities frontier as possible
• D)producing only one out of many possible commodities
• E)getting the maximum possible output from available resources

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Definitions:

Headright System

A land grant policy that allocated parcels of land to settlers and investors who financed the passage of indentured servants to the Americas, prevalent in the 17th century.

Pilgrims

Early settlers of the Plymouth Colony in present-day Massachusetts, known for their 1620 voyage aboard the Mayflower seeking religious freedom.

Cape Cod

A geographic cape extending into the Atlantic Ocean from the southeastern corner of mainland Massachusetts, in the northeastern United States.