The most efficient combination of resources in producing a given output is the combination that:
A. comes closest to using the same quantities of land, labor, capital, and entrepreneurial
ability.
B. minimize the cost per unit of output.
C. uses the smallest total quantity of all resources.
D. conserves most on the use of labor.
Answer: B
You might also like to view...
Why does the problem of the big tradeoff arise when the government engages in the process of redistributing income using taxes and transfers?
What will be an ideal response?
The United States funds its unemployment compensation system by taxing
A. older, larger firms at a higher rate than younger, smaller firms. B. firms more when they have a history of causing more layoffs, up to a point. C. all firms at the same rate. D. firms more when they have greater profits so that they can afford the additional taxes. E. nonunion firms more than union firms because union firms pay higher wages on average.