-The Table Above Shows the Production Possibilities for an Economy

question 326

Multiple Choice

-The table above shows the production possibilities for an economy.When the economy produces a combination of 900 books and 50 loaves of bread,

• A) production efficiency occurs because resources are not overused.
• B) allocative efficiency is achieved because both goods are produced.
• C) production efficiency is not achieved.
• D) allocative and production efficiency are both achieved.
• E) production efficiency is not achieved but allocative efficiency might be achieved.

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Definitions:

Job Ranking

A form of job evaluation in which jobs are ranked subjectively according to their overall worth to the organization.

Job Grading

A form of job evaluation that assigns jobs to predetermined job classifications according to their relative worth to the organization.

Point System

A method used to quantify performance measures or criteria, often used in evaluations or scoring mechanisms.

Wage and Salary Surveys

Surveys conducted to determine prevailing wage rates for similar jobs in a geographic area or industry.