Productivity is defined as:
a. the ratio of a specific measure of output to a specific measure of input
b. the production of worthwhile goods and services.
c. the market value of goods, services, and resources produced per time period (e.g., per year).
d. average input divided by average output.
e. total input divided by average output.
a
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Scarcity
a. exists because people have wants that are unlimited relative to the availability of resources to satisfy those wants b. applies when a resource is not freely available c. means that each society and each individual must make choices d. exists in all societies e. all of the above are true
Banks help to overcome the problem of asymmetric information by: a. lending to a single rich borrower and not diversifying their portfolio. b. acquiring expertise in evaluating the credit histories of borrowers. c. threatening borrowers
d. offering only one type of loan. e. providing information to lenders.